Evergreen Health Solutions Ltd - Limited company accounts 18.2

REGISTERED NUMBER: 09484935 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

EVERGREEN HEALTH SOLUTIONS LTD

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

A S Critchlow

A Muir-Simpson

Dr S F M Booth

Dr L J Clark

REGISTERED OFFICE:

Evergreen House

The Edge

Clowes Street

Manchester

M3 5NA

REGISTERED NUMBER:

09484935 (England and Wales)

ACCOUNTANTS:

Harold Sharp Limited

Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

The directors present their report with the financial statements of the company for the year ended 30 June 2018.

REVIEW OF BUSINESS

Evergreen Health Solutions was founded by Stephen Critchlow in 2015. The company together with its 100% subsidiary

Paers Limited, trades as Evergreen Life, and has developed a software platform and app, that enables the individual to own

and be in control of their health and wellbeing. For the year ending June 2018 the company saw its users more than double

to over 440,000 and as at 28th February 2019 there were over 600,000 registered users.

The company continues to invest in both its people and technology and the Directors expect the company to continue to

grow and develop in coming years.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2017 to the date of this report.

A S Critchlow

A Muir-Simpson

Dr S F M Booth

Dr L J Clark

Other changes in directors holding office are as follows:

M I Mellor ceased to be a director after 30 June 2018 but prior to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE

During the year the company made charitable donations of £3,791.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

A Muir-Simpson - Director

28 March 2019

TURNOVER

51,908

5,771

Cost of sales

65,431

19,463

GROSS LOSS

(13,523

)

(13,692

)

Administrative expenses

1,598,979

1,404,040

OPERATING LOSS

4

(1,612,502

)

(1,417,732

)

Interest receivable and similar income

11

-

LOSS BEFORE TAXATION

(1,612,491

)

(1,417,732

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(1,612,491

)

(1,417,732

)

FIXED ASSETS

Tangible assets

5

10,266

6,062

Investments

6

1,036,807

1,036,807

1,047,073

1,042,869

CURRENT ASSETS

Debtors

7

159,198

149,259

Cash at bank

362,720

5,520

521,918

154,779

CREDITORS

Amounts falling due within one year

8

4,658,420

2,674,586

NET CURRENT LIABILITIES

(4,136,502

)

(2,519,807

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,089,429

)

(1,476,938

)

CAPITAL AND RESERVES

Called up share capital

1

1

Share premium

424,974

424,974

Retained earnings

(3,514,404

)

(1,901,913

)

SHAREHOLDERS' FUNDS

(3,089,429

)

(1,476,938

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 March 2019 and were signed on its behalf by:

A Muir-Simpson - Director

1.	STATUTORY INFORMATION

Evergreen Health Solutions 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 (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

The financial statements contain information about Evergreen Health Solutions 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 exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Going concern

The accounts indicate that liabilities exceed assets by £3,089,429 as at 30 June 2018. In this financial year there has

been significant investment to ensure the company will trade profitably in the future. As such the directors are

confident that the company will trade profitably in the future and therefore consider it appropriate to prepare the

financial statements on a going concern basis.

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.

Investments in subsidiaries

Investment in the subsidiary company is held at cost less accumulated impairment losses.

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees, including directors, during the year was 24 (2017 - 11).

4.	OPERATING LOSS

The operating loss is stated after charging:

Period

1/4/16

Year Ended

to

30/6/18

30/6/17

£

£

Depreciation - owned assets

5,716

2,174

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2017

8,236

Additions

11,485

Disposals

(2,087

)

At 30 June 2018

17,634

DEPRECIATION

At 1 July 2017

2,174

Charge for year

5,716

Eliminated on disposal

(522

)

At 30 June 2018

7,368

NET BOOK VALUE

At 30 June 2018

10,266

At 30 June 2017

6,062

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2017

and 30 June 2018

1,036,807

NET BOOK VALUE

At 30 June 2018

1,036,807

At 30 June 2017

1,036,807

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

2,460

Amounts owed by related parties

103,515

85,000

Other debtors

55,683

61,799

159,198

149,259

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

88,673

45,458

Amounts owed to group undertakings

757,881

263,210

Amounts owed to related parties

3,301,663

2,290,177

Taxation and social security

65,518

21,714

Other creditors

444,685

54,027

4,658,420

2,674,586