Evolve Plumbing Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC565858 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 13 MAY 2017 TO 31 MAY 2018

FOR

EVOLVE PLUMBING SERVICES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Scott Weir

Stuart Johnston

Martin Coyle

John Taylor

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

3

41,400

Tangible assets

4

30,471

71,871

CURRENT ASSETS

Debtors

5

57,052

Cash at bank

21,771

78,823

CREDITORS

Amounts falling due within one year

6

96,977

NET CURRENT LIABILITIES

(18,154

)

TOTAL ASSETS LESS CURRENT LIABILITIES

53,717

CREDITORS

Amounts falling due after more than one year

7

(25,543

)

PROVISIONS FOR LIABILITIES

(5,790

)

NET ASSETS

22,384

CAPITAL AND RESERVES

Called up share capital

10

Retained earnings

22,374

22,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 13 February 2019 and were signed on its behalf by:

Scott Weir - Director

1.	STATUTORY INFORMATION

Evolve Plumbing Services Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 period 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 period 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.

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.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

46,000

At 31 May 2018

46,000

AMORTISATION

Amortisation for period

4,600

At 31 May 2018

4,600

NET BOOK VALUE

At 31 May 2018

41,400

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

Additions

37,564

757

38,321

At 31 May 2018

37,564

757

38,321

DEPRECIATION

Charge for period

7,732

118

7,850

At 31 May 2018

7,732

118

7,850

NET BOOK VALUE

At 31 May 2018

29,832

639

30,471

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

Motor

vehicles

£

COST

Additions

37,564

At 31 May 2018

37,564

DEPRECIATION

Charge for period

7,732

At 31 May 2018

7,732

NET BOOK VALUE

At 31 May 2018

29,832

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

39,491

Other debtors

17,561

57,052

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Hire purchase contracts

6,906

Trade creditors

8,827

Corporation tax

5,229

VAT

8,146

Other creditors

50

Directors' loan

66,659

Accrued charges

1,160

96,977

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Hire purchase contracts

25,543

8.	SECURED DEBTS

The following secured debts are included within creditors:

£

Hire purchase contracts

32,449

Hire purchase contracts are secured on the assets to which they relate.

9.	RELATED PARTY DISCLOSURES

During the period, the company received an interest free loan from the directors amounting to £66,659.