EVM Direct Ltd - Period Ending 2016-05-31

Registration number: 08056471

EVM Direct Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Andrews & O'Shea Ltd
Accountants
5 Kings Court
Harwood Road
Horsham
West Sussex
RH13 5UR

EVM Direct Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
EVM Direct Ltd
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of EVM Direct Ltd for the year ended 31 May 2016 set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of EVM Direct Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of EVM Direct Ltd and state those matters that we have agreed to state to them, as a body, and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EVM Direct Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that EVM Direct Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of EVM Direct Ltd. You consider that EVM Direct Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of EVM Direct Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Andrews & O'Shea Ltd
Accountants
5 Kings Court
Harwood Road
Horsham
West Sussex
RH13 5UR

24 February 2017

Page 1

EVM Direct Ltd
(Registration number: 08056471)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			211,831			35,965
Current assets
Stocks					561,494			171,250
Debtors					261,650			54,084
Cash at bank and in hand					641,985			339,899
					1,465,129			565,233
Creditors: Amounts falling due within one year					(1,351,413)			(492,443)
Net current assets					113,716			72,790
Total assets less current liabilities					325,547			108,755
Creditors: Amounts falling due after more than one year					(41,392)			(15,852)
Provisions for liabilities					(5,879)			-
Net assets					278,276			92,903
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					278,274			92,901
Shareholders' funds					278,276			92,903

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 13 February 2017 and signed on its behalf by:

.........................................
  P J Flynn
 Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

EVM Direct Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Short leasehold land and buildings	20% per annum on a reducing balance basis
Plant and machinery	20% per annum on a reducing balance basis
Furniture, fixtures and fittings	15% per annum on a reducing balance basis
Motor vehicles	20% per annum on a reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 3

EVM Direct Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		45,847			45,847
Additions		228,297			228,297
At 31 May 2016		274,144			274,144
Depreciation
At 1 June 2015		9,882			9,882
Charge for the year		52,431			52,431
At 31 May 2016		62,313			62,313
Net book value
At 31 May 2016		211,831			211,831
At 31 May 2015		35,965			35,965

Page 4

EVM Direct Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		24,177			8,390
Amounts falling due after more than one year		41,392			15,852
Total secured creditors		65,569			24,242

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 5