Evolve Plumbing Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC565858 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019

FOR

EVOLVE PLUMBING SERVICES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Scott Weir

Stuart Johnston

Martin Coyle

John Taylor

REGISTERED OFFICE:

1147 Cathcart Road

Glasgow

G42 9HB

REGISTERED NUMBER:

SC565858 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

The Royal Bank of Scotland plc

158a Fenwick Road

Giffnock

Glasgow

G46 6XB

FIXED ASSETS

Intangible assets

4

36,800

41,400

Tangible assets

5

30,275

30,471

67,075

71,871

CURRENT ASSETS

Debtors

6

23,821

57,052

Cash at bank

123,446

21,771

147,267

78,823

CREDITORS

Amounts falling due within one year

7

95,986

96,977

NET CURRENT ASSETS/(LIABILITIES)

51,281

(18,154

)

TOTAL ASSETS LESS CURRENT LIABILITIES

118,356

53,717

CREDITORS

Amounts falling due after more than one year

8

(25,910

)

(25,543

)

PROVISIONS FOR LIABILITIES

(5,752

)

(5,790

)

NET ASSETS

86,694

22,384

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

86,684

22,374

86,694

22,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7 February 2020 and were signed on its behalf by:

Scott Weir - Director

1.	STATUTORY INFORMATION

Evolve Plumbing Services Ltd is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. 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.

Rendering of services

Turnover from the rendering of services, namely the provision of plumbing services, is recognised by reference

to the stage of completion of the service at the statement of financial position date.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the

income statement.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period using the

effective interest method. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period

of the lease.

Provision for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in

the current period, and which employees are entitled to carry forward and use within the next 12 months. The

provision is measured at the salary cost payable for the period of absence.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 5 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2018

and 31 May 2019

46,000

AMORTISATION

At 1 June 2018

4,600

Charge for year

4,600

At 31 May 2019

9,200

NET BOOK VALUE

At 31 May 2019

36,800

At 31 May 2018

41,400

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 June 2018

37,564

757

38,321

Additions

18,746

-

18,746

Disposals

(14,033

)

-

(14,033

)

At 31 May 2019

42,277

757

43,034

DEPRECIATION

At 1 June 2018

7,732

118

7,850

Charge for year

7,715

118

7,833

Eliminated on disposal

(2,924

)

-

(2,924

)

At 31 May 2019

12,523

236

12,759

NET BOOK VALUE

At 31 May 2019

29,754

521

30,275

At 31 May 2018

29,832

639

30,471

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2018

37,564

Additions

18,746

Disposals

(14,033

)

At 31 May 2019

42,277

DEPRECIATION

At 1 June 2018

7,732

Charge for year

7,715

Eliminated on disposal

(2,924

)

At 31 May 2019

12,523

NET BOOK VALUE

At 31 May 2019

29,754

At 31 May 2018

29,832

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade debtors

16,335

39,491

Other debtors

7,486

17,561

23,821

57,052

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Hire purchase contracts

7,865

6,906

Trade creditors

15,331

8,827

Corporation tax

21,205

5,229

PAYE and NIC

250

-

VAT

15,676

8,146

Other creditors

-

50

Directors' loan

33,897

66,659

Accrued charges

1,762

1,160

95,986

96,977

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.19

31.5.18

£

£

Hire purchase contracts

25,910

25,543

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.19

31.5.18

£

£

Hire purchase contracts

33,775

32,449

Hire purchase contracts are secured on the assets to which they relate.

10.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the directors amounting to £33,897 (2018 :

£66,659).