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Registered number: 06776499 EVASYS LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
EVASYS LIMITED 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 Registered number: 06776499 Balance sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,978 |  | 4,860
|  |  | 1,978 |  | 4,860
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 5 | 357,311 |  | - |
Debtors: amounts falling due within one year | 5 | 539,879 |  | 421,911 |
Cash at bank and in hand | 6 | 279,232 |  | 462,915 |
|  | 1,176,422 |  | 884,826 |
Creditors: amounts falling due within one year | 7 | (984,591) |  | (811,078) |
Net current assets |  |  | 191,831 |  | 73,748
Total assets less current liabilities |  |  | 193,809 |  | 78,608
Net assets |  |  | 193,809 |  | 78,608
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 192,809 |  | 77,608
|  |  | 193,809 |  | 78,608
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 profit and loss account 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 25 February 2026.
B W P Johnson
Director
The notes on pages 3 to 9 form part of these financial statements. Page 1
EVASYS LIMITED Statement of changes in equity For the year ended 31 December 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 1,000 | 77,608 | 78,608
Comprehensive income for the year |  |  |
Profit for the year | - | 115,201 | 115,201
Total comprehensive income for the year | - | 115,201 | 115,201
At 31 December 2025 | 1,000 | 192,809 | 193,809
| The notes on pages 3 to 9 form part of these financial statements.
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1,000 | 29,760 | 30,760
Comprehensive income for the year |  |  |
Profit for the year | - | 47,848 | 47,848
Total comprehensive income for the year | - | 47,848 | 47,848
At 31 December 2024 | 1,000 | 77,608 | 78,608
| The notes on pages 3 to 9 form part of these financial statements.
Page 2
EVASYS LIMITED Notes to the financial statements For the year ended 31 December 2025
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. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 3
EVASYS LIMITED Notes to the financial statements For the year ended 31 December 2025 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 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | 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 4
EVASYS LIMITED Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Page 5
EVASYS LIMITED Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price.
| 2.11 | 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 6
EVASYS LIMITED Notes to the financial statements For the year ended 31 December 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 8 (2024 - 8).
4. | Tangible fixed assets
|  | Fixtures & fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 1,140 | 12,797 | 13,937
| Disposals | - | (960) | (960)
| At 31 December 2025 | 1,140 | 11,837 | 12,977
| Depreciation |  |  |
| At 1 January 2025 | 632 | 8,445 | 9,077
| Charge for the year on owned assets | 295 | 2,587 | 2,882
| Disposals | - | (960) | (960)
| At 31 December 2025 | 927 | 10,072 | 10,999
| Net book value |  |  |
| At 31 December 2025 | 213 | 1,765 | 1,978
| At 31 December 2024 | 508 | 4,352 | 4,860
Page 7
EVASYS LIMITED Notes to the financial statements For the year ended 31 December 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 357,311 | -
|  | 357,311 | -
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 202,676 | 128,930
| Prepayments - cost of sales | 306,412 | 257,729
| Prepayments - administrative | 30,791 | 30,534
| Deferred taxation | - | 4,718
|  | 539,879 | 421,911
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 279,232 | 462,915
|  | 279,232 | 462,915
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,014 | 29,756
| Corporation tax | 33,278 | -
| Other taxation and social security | 79,650 | 39,944
| Other creditors | 3,853 | 2,227
| Accruals | - | 18,082
| Deferred income | 866,796 | 721,069
|  | 984,591 | 811,078
Page 8
EVASYS LIMITED Notes to the financial statements For the year ended 31 December 2025
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and partly paid |  |
|  | 1,000 (2024 - 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 £68,860 (2024: £68,886). Contributions totaling £3,853 (2024: £2,227) 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 2025 was unqualified. The audit report was signed on 25 February 2026 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
Page 9