ACCOUNTS - Final Accounts preparation

EV FUTURE SOLUTIONS LTD - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-06-302021-06-302020-12-03falseNo description of principal activity4falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13059715 2020-12-02 13059715 2020-12-03 2021-06-30 13059715 2019-12-03 2020-12-02 13059715 2021-06-30 13059715 c:Director4 2020-12-03 2021-06-30 13059715 d:FurnitureFittings 2020-12-03 2021-06-30 13059715 d:FurnitureFittings 2021-06-30 13059715 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-12-03 2021-06-30 13059715 d:OfficeEquipment 2020-12-03 2021-06-30 13059715 d:OfficeEquipment 2021-06-30 13059715 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-12-03 2021-06-30 13059715 d:OwnedOrFreeholdAssets 2020-12-03 2021-06-30 13059715 d:CurrentFinancialInstruments 2021-06-30 13059715 d:CurrentFinancialInstruments 3 2021-06-30 13059715 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 13059715 d:ShareCapital 2021-06-30 13059715 d:RetainedEarningsAccumulatedLosses 2021-06-30 13059715 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-06-30 13059715 c:FRS102 2020-12-03 2021-06-30 13059715 c:Audited 2020-12-03 2021-06-30 13059715 c:FullAccounts 2020-12-03 2021-06-30 13059715 c:PrivateLimitedCompanyLtd 2020-12-03 2021-06-30 13059715 c:SmallCompaniesRegimeForAccounts 2020-12-03 2021-06-30 iso4217:GBP xbrli:pure

Registered number: 13059715

EV FUTURE SOLUTIONS LTD

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2021

EV FUTURE SOLUTIONS LTD

REGISTERED NUMBER:13059715

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

		2021
Note		£

Fixed assets
Tangible assets	4		2,455
			2,455
Current assets
Stocks		2,847
Debtors: amounts falling due within one year	5	16,326
Cash at bank and in hand	6	23,435
		42,608
Creditors: amounts falling due within one year	7	(68,535)
Net current (liabilities)/assets			(25,927)
Total assets less current liabilities			(23,472)

Net (liabilities)/assets			(23,472)

Capital and reserves
Called up share capital			100
Profit and loss account			(23,572)
			(23,472)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Steven Sandford

Director

Date: 30 March 2022

The notes on pages 2 to 7 form part of these financial statements.

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EV FUTURE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

1.ACCOUNTING POLICIES

1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

GOING CONCERN

The company’s first period of trading has resulted in a loss of £23,572 and the balance sheet shows a net liability position of £23,472. To date the company has received funding from a 50% shareholder.
The company has prepared budgets demonstrating growth and is seeking additional funding to enable this business plan to be delivered. The financial statements do not reflect the adjustments that would be necessary should the ability of the company to trade be jeopardised due to a lack of availability of funding or adverse trading conditions. As such there is a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, based on current expectations the Directors believe that the accounts should be drawn up on the going concern basis.

1.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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EV FUTURE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

1.ACCOUNTING POLICIES (continued)

1.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

1.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

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 profit or loss 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.

1.6

CURRENT AND DEFERRED TAXATION

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

1.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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EV FUTURE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

1.ACCOUNTING POLICIES (continued)

1.7

TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	25%
				Office equipment	-	25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

1.9

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.

1.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.11

CREDITORS

Short term 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.

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EV FUTURE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

1.ACCOUNTING POLICIES (continued)

1.12

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

1.13

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.	GENERAL INFORMATION

EV Future Solutions Limited is a private company limited by shares, incorporated in England and Wales on 3 December 2020. The registered office is 52a St. Andrews Road, Malvern, Worcestershire, WR14 3PP.
The principal activity of the company during the period was the supply of vehicle charging units. The company commenced trading on 13 January 2021.

EMPLOYEES

The average monthly number of employees, including directors, during the period was 4.

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EV FUTURE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

4.	TANGIBLE FIXED ASSETS

	Fixtures and fittings	Office equipment	Total
	£	£	£
COST OR VALUATION
Additions	55	3,219	3,274
At 30 June 2021	55	3,219	3,274
DEPRECIATION
Charge for the period on owned assets	14	805	819
At 30 June 2021	14	805	819
NET BOOK VALUE
At 30 June 2021	41	2,414	2,455

DEBTORS

					2021
					£


	Trade debtors	1,397
	Other debtors	364
	Prepayments and accrued income	679
	Deferred taxation	7,936
	Grants receivable	5,950
		16,326

6.	CASH AND CASH EQUIVALENTS
		2021
		£

	Cash at bank and in hand	23,435
		23,435

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EV FUTURE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021
		£

	Trade creditors	22,334
	Amounts owed to group undertakings	21,928
	Other taxation and social security	2,515
	Other creditors	21,758
		68,535

8.	FINANCIAL INSTRUMENTS
		2021
		£

	FINANCIAL ASSETS
	Financial assets measured at fair value through profit or loss	23,435

Financial assets measured at fair value through profit or loss comprise cash at bank.

9.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £321. Contributions totalling £321 were payable to the fund at the reporting date and are included in creditors.

10.	CONTROLLING PARTY

The ultimate parent company is County Building Supplies (Holdings) Limited by virtue of their 50% ownership of the share capital.

11.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the period ended 30 June 2021 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 1.2 in the financial statements, which refers to the uncertainties facing the company. As stated in note 1.2, these events or conditions, along with the other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 31 March 2022 by Simon Morrison FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

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