Evolution Paint & Graphic Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03469044 (England and Wales)

EVOLUTION PAINT & GRAPHIC LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

A Mycroft

SECRETARY:

K J Mycroft

REGISTERED OFFICE:

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

REGISTERED NUMBER:

03469044 (England and Wales)

ACCOUNTANTS:

Phipps Henson McAllister

Chartered Accountants

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

FIXED ASSETS

Tangible assets

4

456,433

510,297

CURRENT ASSETS

Stocks

99,363

110,000

Debtors

5

670,541

1,048,195

Cash at bank and in hand

961,198

1,182,747

1,731,102

2,340,942

CREDITORS

Amounts falling due within one year

6

617,189

982,446

NET CURRENT ASSETS

1,113,913

1,358,496

TOTAL ASSETS LESS CURRENT LIABILITIES

1,570,346

1,868,793

CREDITORS

Amounts falling due after more than one year

7

(165,220

)

(224,204

)

PROVISIONS FOR LIABILITIES

(37,669

)

(33,827

)

NET ASSETS

1,367,457

1,610,762

CAPITAL AND RESERVES

Called up share capital

9

200

200

Retained earnings

1,367,257

1,610,562

SHAREHOLDERS' FUNDS

1,367,457

1,610,762

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 14 February 2020 and were signed by:

A Mycroft - Director

1.	STATUTORY INFORMATION

Evolution Paint & Graphic 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 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.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2018 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 December 2018

100,315

616,900

251,210

363,109

1,331,534

Additions

-

66,685

8,147

68,325

143,157

Disposals

-

-

-

(45,300

)

(45,300

)

At 30 November 2019

100,315

683,585

259,357

386,134

1,429,391

DEPRECIATION

At 1 December 2018

100,315

324,685

207,953

188,284

821,237

Charge for year

-

97,690

14,939

76,191

188,820

Eliminated on disposal

-

-

-

(37,099

)

(37,099

)

At 30 November 2019

100,315

422,375

222,892

227,376

972,958

NET BOOK VALUE

At 30 November 2019

-

261,210

36,465

158,758

456,433

At 30 November 2018

-

292,215

43,257

174,825

510,297

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 December 2018

490,958

261,510

752,468

Additions

33,650

24,575

58,225

Transfer to ownership

(136,880

)

(99,953

)

(236,833

)

At 30 November 2019

387,728

186,132

573,860

DEPRECIATION

At 1 December 2018

204,060

123,874

327,934

Charge for year

76,421

45,912

122,333

Transfer to ownership

(129,734

)

(78,726

)

(208,460

)

At 30 November 2019

150,747

91,060

241,807

NET BOOK VALUE

At 30 November 2019

236,981

95,072

332,053

At 30 November 2018

286,898

137,636

424,534

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

667,396

1,040,904

Other debtors

280

748

Prepayments and accrued income

2,865

6,543

670,541

1,048,195

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

97,082

111,584

Trade creditors

229,554

397,391

Corporation tax

177,722

322,342

PAYE / NI

26,981

29,919

VAT

78,302

110,967

Other creditors

5,678

4,602

Directors' current accounts

1,870

663

Accruals and deferred income

-

4,978

617,189

982,446

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

165,220

224,204

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2019

2018

£

£

Net obligations repayable:

Within one year

97,082

111,584

Between one and five years

165,220

224,204

262,302

335,788

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

200

Ordinary

£1

200

200