Evolvecx Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12185253 (England and Wales)

EVOLVECX LIMITED

PREVIOUSLY KNOWN AS

MERIDIAN DIGITAL SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

D M Palmer

M R N Palmer

A Viner

REGISTERED OFFICE:

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

BUSINESS ADDRESS:

Manor Farm

Manor Lane

Peckleton

Leicestershire

LE9 7RJ

REGISTERED NUMBER:

12185253 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

920

1,082

CURRENT ASSETS

Stocks

-

39,732

Debtors

5

91,014

21,882

Cash at bank

549

47,782

91,563

109,396

CREDITORS

Amounts falling due within one year

6

188,460

168,001

NET CURRENT LIABILITIES

(96,897

)

(58,605

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(95,977

)

(57,523

)

CREDITORS

Amounts falling due after more than one year

7

30,351

-

NET LIABILITIES

(126,328

)

(57,523

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Share premium

10,000

-

Retained earnings

(136,428

)

(57,623

)

SHAREHOLDERS' FUNDS

(126,328

)

(57,523

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 and authorised for issue on 7 June 2022 and were signed on its behalf by:

A Viner - Director

1.	STATUTORY INFORMATION

Evolvecx Limited 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.

Plant and machinery etc

-

15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and 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 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.

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 the income statement in the period to which they relate.

Going concern

During the year ended 30 September 2021 the company sustained a loss after tax of £78,805 (2020: £57,623) and at that date its liabilities exceeded its assets by £126,328 (2020: £57,523). The company is reliant upon the ongoing support of its directors. The directors consider the going concern basis of accounting to be appropriate for the business and in these financial statements.

Following the impact of COVID-19, the financial statements have been prepared on a going concern basis, on the following justifications:

a) The directors and shareholders intend to financially support the company through this uncertain time;

b) The company has received government support in the form of grants through the Coronavirus Job Retention Scheme.

c) The company has received a loan through the government backed Coronavirus Bounce Back Loan (BBL) Scheme

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2020

and 30 September 2021

1,690

DEPRECIATION

At 1 October 2020

608

Charge for year

162

At 30 September 2021

770

NET BOOK VALUE

At 30 September 2021

920

At 30 September 2020

1,082

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

54,127

8,463

Amounts owed by group undertakings

-

30

Other debtors

36,887

13,389

91,014

21,882

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

6,539

790

Trade creditors

41,245

53,078

Amounts owed to group undertakings

113,349

105,521

Taxation and social security

10,513

6,252

Other creditors

16,814

2,360

188,460

168,001

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

30,351

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by installments

651

-

651

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100