Company No: 11692959 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	Christina Lawford
	Paul Simmons

REGISTERED OFFICE	3 World Business Centre
	Newall Road
	London Heathrow Airport
	Hounslow
	TW6 2TA
	England
	United Kingdom

COMPANY NUMBER

11692959 (England and Wales)

CHARTERED ACCOUNTANTS	Albert Goodman LLP
	3 Filers Way
	Weston Gateway Business Park
	Weston-super-Mare
	Somerset
	BS24 7JP

	Note	2021		2020
		£		£
Fixed assets
Intangible assets	3	17,079		18,904
Tangible assets	4	120		180
		17,199		19,084
Current assets
Debtors	5	8,970		4,544
Cash at bank and in hand		462		1,133
		9,432		5,677
Creditors
Amounts falling due within one year	6	( 118,026)		( 80,405)
Net current liabilities		(108,594)		(74,728)
Total assets less current liabilities		(91,395)		(55,644)
Provisions for liabilities		( 3,268)		0
Net liabilities		( 94,663)		( 55,644)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 94,763 )		( 55,744 )
Total shareholders' deficit		( 94,663)		( 55,644)

For the financial year ending 30 April 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Evolvecar Limited (registered number: 11692959) were approved and authorised for issue by the Board of Directors on 28 January 2022. They were signed on its behalf by:

Christina Lawford Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Evolvecar Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 World Business Centre, Newall Road, London Heathrow Airport, Hounslow, TW6 2TA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements are prepared on a going concern basis. The company remains assured of the financial support provided by the ultimate parent company and wider group. The directors have received confirmation that the ultimate parent company will continue to support the company and that the group will provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future.

COVID-19 has created a level of uncertainty for the ultimate parent company. However, having acted swiftly and proactively, the board concludes that the going concern assumption is still appropriate.

On this basis, the directors considers it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the 's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software			10	years	straight line
Trademarks, patents and licences					not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

4

years

straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Intangible assets

	Computer software		Trademarks, patents and licences		Total
	£		£		£
Cost
At 01 May 2020	18,250		2,000		20,250
At 30 April 2021	18,250		2,000		20,250
Accumulated amortisation
At 01 May 2020	1,346		0		1,346
Charge for the financial year	1,825		0		1,825
At 30 April 2021	3,171		0		3,171
Net book value
At 30 April 2021	15,079		2,000		17,079
At 30 April 2020	16,904		2,000		18,904

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 May 2020	240		240
At 30 April 2021	240		240
Accumulated depreciation
At 01 May 2020	60		60
Charge for the financial year	60		60
At 30 April 2021	120		120
Net book value
At 30 April 2021	120		120
At 30 April 2020	180		180

5. Debtors

	2021		2020
	£		£
Trade debtors	0		1,063
Amounts owed by Group undertakings	80		80
Prepayments	717		1,622
VAT recoverable	843		1,759
Other debtors	7,330		20
	8,970		4,544

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	1,815		9,614
Amounts owed to Group undertakings	93,809		68,864
Other creditors	92		102
Accruals	21,874		0
Other taxation and social security	436		1,825
	118,026		80,405

7. Related party transactions

At the year end, the balance owed to group undertakings was £93,809 (2020: £68,864).

During the year the company was provided working capital funding of £29,194(2020: £29,427) by other group companies.

8. Controlling party

The ultimate parent undertaking and controlling party was considered Diamond Selection Group Holdings Limited, a company incorporated in England and Wales by virtue of its 80% shareholding.

9. Government grants

Government grants

During the year other income of £22,707 was received from the government under the Coronavirus Job Retention Scheme.