Evolve Plumbing Services Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC565858 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

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

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

23,000

27,600

Tangible assets

5

15,536

11,259

38,536

38,859

CURRENT ASSETS

Debtors

6

36,537

104,514

Cash at bank

197,927

144,087

234,464

248,601

CREDITORS

Amounts falling due within one year

7

170,453

203,848

NET CURRENT ASSETS

64,011

44,753

TOTAL ASSETS LESS CURRENT LIABILITIES

102,547

83,612

CREDITORS

Amounts falling due after more than one year

8

(33,833

)

(50,031

)

PROVISIONS FOR LIABILITIES

(2,952

)

(2,139

)

NET ASSETS

65,762

31,442

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

65,752

31,432

65,762

31,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 17 January 2023 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 the cost less estimated residual value of 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.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

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.

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 9 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2021

and 31 May 2022

46,000

AMORTISATION

At 1 June 2021

18,400

Amortisation for year

4,600

At 31 May 2022

23,000

NET BOOK VALUE

At 31 May 2022

23,000

At 31 May 2021

27,600

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 June 2021

46,377

757

47,134

Additions

15,317

1,538

16,855

At 31 May 2022

61,694

2,295

63,989

DEPRECIATION

At 1 June 2021

35,370

505

35,875

Charge for year

12,120

458

12,578

At 31 May 2022

47,490

963

48,453

NET BOOK VALUE

At 31 May 2022

14,204

1,332

15,536

At 31 May 2021

11,007

252

11,259

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

Motor

vehicles

£

COST

At 1 June 2021

42,277

Transfer to ownership

(42,277

)

At 31 May 2022

-

DEPRECIATION

At 1 June 2021

33,662

Transfer to ownership

(33,662

)

At 31 May 2022

-

NET BOOK VALUE

At 31 May 2022

-

At 31 May 2021

8,615

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

30,600

27,383

Other debtors

2,131

77,131

VAT

3,806

-

36,537

104,514

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans and overdrafts

8,333

8,333

Hire purchase contracts

-

9,114

Trade creditors

40,214

29,372

Corporation tax

20,410

12,068

PAYE and NIC

1,883

2,114

VAT

-

8,451

Other creditors

286

247

Directors' loan

93,217

126,660

Accrued charges

6,110

7,489

170,453

203,848

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans

33,833

41,667

Hire purchase contracts

-

8,364

33,833

50,031

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.22

31.5.21

£

£

Hire purchase contracts

-

17,478

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 £93,217 (2021: £126,660).