Evora Developments Ltd. - Limited company accounts 25.1

REGISTERED NUMBER: 04892737 (England and Wales)

Evora Developments Ltd.

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

AG Murphy

REGISTERED OFFICE:

Elementary Studios Suite 12.1

Blue Tower

Media City Uk

Salford

M50 2ST

REGISTERED NUMBER:

04892737 (England and Wales)

AUDITORS:

McMillan & Co LLP

Chartered Accountants and

Statutory Auditor

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

The director presents his strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

Evora Developments completed its active developments in the prior year. The company's turnover in the year to 31 March 2025 was £Nil (2024: £25.1m) and delivered an operating loss (before exceptional items) of £0.5m (2024: £0.5m).

Exceptional items of £8.7m in the prior year related to provisions made for balances due from Nikal Ltd, the parent company, and other companies under common control, following the administration of Nikal Limited during this year, as set out below.

The company recorded a loss before tax of £0.5m (2024: £9.2m)

GOING CONCERN

On 17 October 2024, Nikal Ltd, an intermediary parent company, was placed into administration. The company has completed its developments, and the director does not intend to commence any new developments. Therefore, the director has not prepared these financial statements on a going concern basis. See note 3 for further details.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is in the completion stages of its active developments, and is not actively trading.

Key performance indicators

Year ended 31
March 2025

Year ended 31
March 2024

£m

Turnover

-

25.1

Operating (loss)/profit (prior to exceptional items)

(0.5

)

(0.5

)

ON BEHALF OF THE BOARD:

AG Murphy - Director

23 December 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors who have held office during the period from 1 April 2024 to the date of this report are as follows:

RJ Fee - resigned 3 September 2024

AG Murphy - appointed 3 September 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

AG Murphy - Director

23 December 2025

Opinion

We have audited the financial statements of Evora Developments Ltd. (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

The director has concluded that the financial statements should not be prepared on a going concern basis, as set out in note 3 of the financial statements. We concur with this conclusion.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,

including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors; and other management, and from our commercial knowledge and experience of the sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, and data protection, anti-bribery, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including

obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships; and

-

tested journal entries to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Neil McMillan FCA (Senior Statutory Auditor)

for and on behalf of McMillan & Co LLP

Chartered Accountants and

Statutory Auditor

23 December 2025

TURNOVER

-

25,118,360

Cost of sales

(262,016

)

24,748,404

GROSS PROFIT

262,016

369,956

Administrative expenses

733,951

9,615,722

OPERATING LOSS

5

(471,935

)

(9,245,766

)

Interest receivable and similar income

20,330

-

Interest payable and similar expenses

7

(7,175

)

-

LOSS BEFORE TAXATION

(458,780

)

(9,245,766

)

Tax on loss

8

-

296,159

LOSS FOR THE FINANCIAL YEAR

(458,780

)

(9,541,925

)

LOSS FOR THE YEAR

(458,780

)

(9,541,925

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(458,780

)

(9,541,925

)

CURRENT ASSETS

Debtors

10

1,358,194

6,115,740

Investments

11

2

Cash at bank

1,473,166

562,391

2,831,362

6,678,133

CREDITORS

Amounts falling due within one year

12

3,266,715

6,654,706

NET CURRENT (LIABILITIES)/ASSETS

(435,353

)

23,427

TOTAL ASSETS LESS CURRENT
LIABILITIES

(435,353

)

23,427

CAPITAL AND RESERVES

Called up share capital

13

20

Share premium

252,788

Retained earnings

(688,161

)

(229,381

)

SHAREHOLDERS' FUNDS

(435,353

)

23,427

The financial statements were approved by the director and authorised for issue on 23 December 2025 and were signed by:

AG Murphy - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

Balance at 1 April 2023

20

9,312,544

252,788

9,565,352

Changes in equity

Total comprehensive income

-

(9,541,925

)

-

(9,541,925

)

Balance at 31 March 2024

20

(229,381

)

252,788

23,427

Changes in equity

Total comprehensive income

-

(458,780

)

-

(458,780

)

Balance at 31 March 2025

20

(688,161

)

252,788

(435,353

)

Cash flows from operating activities

Cash generated from operations

1

897,620

(1,569,472

)

Interest paid

(7,175

)

-

Tax paid

-

(296,159

)

Net cash from operating activities

890,445

(1,865,631

)

Cash flows from investing activities

Interest received

20,330

-

Net cash from investing activities

20,330

-

Increase/(decrease) in cash and cash equivalents

910,775

(1,865,631

)

Cash and cash equivalents at
beginning of year

2

562,391

2,428,022

Cash and cash equivalents at end of
year

2

1,473,166

562,391

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

Loss before taxation

(458,780

)

(9,245,766

)

(Decrease)/increase group liabilities

(1,122,771

)

(1,251,873

)

(Increase)/decrease group debtors

(87,552

)

9,422,701

Finance costs

7,175

-

Finance income

(20,330

)

-

(1,682,258

)

(1,074,938

)

Decrease in trade and other debtors

4,845,098

698,338

Decrease in trade and other creditors

(2,265,220

)

(1,192,872

)

Cash generated from operations

897,620

(1,569,472

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

Cash and cash equivalents

1,473,166

562,391

Year ended 31 March 2024

31/3/24

1/4/23

£

Cash and cash equivalents

562,391

2,428,022

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

Net cash

Cash at bank

562,391

910,775

1,473,166

562,391

910,775

1,473,166

Total

562,391

910,775

1,473,166

1.	STATUTORY INFORMATION

Evora Developments Ltd. 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 (£).

The amounts in the financial statements have been rounded to the nearest £1.

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" 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.

Going concern

On 17 October 2024, the intermediary parent company, Nikal Ltd, was placed into administration and, as a result, is unable to settle various intercompany balances. The company has completed its active developments, and the director does not intend to commence any new developments. Therefore, the director has not prepared these financial statements on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Evora Developments Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemptions available under Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" relating to the disclosure of related party transactions where it is able to do so.

Turnover

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4.	EMPLOYEES AND DIRECTORS

5.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

Auditors' remuneration

2,500

-

6.	EXCEPTIONAL ITEMS

2025

2024

£

Exceptional items

-

(8,722,239

)

Following the administration of Nikal Ltd, provision was made for intercompany debtor balances in the prior year with group companies which were reliant upon support from Nikal Ltd.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

Other interest payable

7,175

-

8.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2025

2024

£

Current tax:

Tax adjustment relating to prior year

-

296,159

Tax on loss

-

296,159

UK corporation tax was charged at 25%) in 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

Loss before tax

(458,780

)

(9,245,766

)

Loss multiplied by the standard rate of corporation tax in the UK of
25% (2024 - 25%)

(114,695

)

(2,311,442

)

Effects of:

Expenses not deductible for tax purposes

1,784

-

Adjustments to tax charge in respect of previous periods

-

296,159

Provision on group balances not deductible

24,393

2,180,560

Tax losses carried forward

88,518

130,882

Total tax charge

-

296,159

9.	FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Masshouse Developments Limited

Registered office:

Nature of business: Property development

%

Class of shares:

holding

Ordinary

50.00

2025

2024

£

Aggregate capital and reserves

(14,547,895

)

(16,198,423

)

Profit/(loss) for the year

1,650,528

(16,012,771

)

The shares in subsidiary undertakings was transferred to current assets in the prior year as the financial statements have not been prepared on a going concern basis.

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

1,315

Amounts owed by group undertakings

87,552

-

Other debtors

1,245,944

6,113,225

VAT

23,383

1,200

1,358,194

6,115,740

11.	CURRENT ASSET INVESTMENTS

2025

2024

£

Shares in group undertakings

2

See note 9.

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

402,145

1,222,858

Amounts owed to group undertakings

1,532,515

2,655,286

Other creditors

947,004

1,285,372

Accruals and deferred income

385,051

1,491,190

3,266,715

6,654,706

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

10

Ordinary Class A

£1

10

Ordinary Class B

£1

10

20

14.	RELATED PARTY TRANSACTIONS

During the year, a management charge of £403,877 (2024: £877,307) was levied by the parent company. A charge of nil for group relief given in earlier years was also levied (2024: £296,159).

At the end of the year, the company had balances of £84,900 (2023: £nil) due from companies under common control, following a provision of £97,571 (2024: £8,722,239) made in the year.

The company was owed £2,652 (2023: owed £1,173,466) by its parent company.

The company owed £50,695 (2024: £Nil) to it's ultimate parent company.

The company owed £1,481,820 (2024: £1,481,820) to companies under common control.

15.	ULTIMATE CONTROLLING PARTY

On 17 October 2024, Paul Stanley and Mark Weekes, of Begbies Traynor (Central) LLP, were appointed as administrators of Nikal Ltd, an intermediate parent company. As a result, they are considered to be the controlling party from this date as a consequence of their control of Nikal Ltd.