Company No: SC433469 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	3,737		2,321
Investment property	4	97,600		97,600
Investments	5	253,684		170,159
		355,021		270,080
Current assets
Debtors	6	35,127		33,079
Cash at bank and in hand	7	153,566		176,998
		188,693		210,077
Creditors: amounts falling due within one year	8	( 58,943)		( 82,047)
Net current assets		129,750		128,030
Total assets less current liabilities		484,771		398,110
Provision for liabilities	9, 10	( 6,661)		( 4,529)
Net assets		478,110		393,581
Capital and reserves
Called-up share capital	11	140		140
Revaluation reserve		19,980		0
Profit and loss account		457,990		393,441
Total shareholders' funds		478,110		393,581

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 and delivered 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 Evolam Ltd (registered number: SC433469) were approved and authorised for issue by the Director on 02 May 2023. They were signed on its behalf by:

Gavin Chomczuk 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

Evolam Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 24 Wallace Brae Drive, Reddingmuirhead, Falkirk, FK2 0FB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and 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 £.

Turnover

Turnover represents amounts receivable for field services to the oil and gas sector net of VAT.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

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 Company'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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc.

3 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
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.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2022	4,056		4,056
Additions	2,862		2,862
Disposals	( 1,444)		( 1,444)
At 31 December 2022	5,474		5,474
Accumulated depreciation
At 01 January 2022	1,735		1,735
Charge for the financial year	1,446		1,446
Disposals	( 1,444)		( 1,444)
At 31 December 2022	1,737		1,737
Net book value
At 31 December 2022	3,737		3,737
At 31 December 2021	2,321		2,321

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2022	97,600
As at 31 December 2022	97,600

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 December 2022 by the director. The valuation was made on an open market basis by reference to market evidence of the transaction prices for similar properties.

5. Fixed asset investments

	2022		2021
	£		£
Other investments and loans	253,684		170,159

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2022	170,159		170,159
Additions	75,000		75,000
Movement in fair value	8,525		8,525
At 31 December 2022	253,684		253,684
Provisions for impairment
At 01 January 2022	0		0
At 31 December 2022	0		0
Carrying value at 31 December 2022	253,684		253,684
Carrying value at 31 December 2021	170,159		170,159

6. Debtors

	2022		2021
	£		£
Trade debtors	33,395		31,658
Other debtors	1,732		1,421
	35,127		33,079

7. Cash and cash equivalents

	2022		2021
	£		£
Cash at bank and in hand	153,566		176,998

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Corporation tax	39,880		10,012
Other creditors	19,063		72,035
	58,943		82,047

9. Provision for liabilities

	2022		2021
	£		£
Deferred tax	6,661		4,529

10. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 4,529)		0
Charged to the Profit and Loss Account	( 2,132)		( 4,529)
At the end of financial year	( 6,661)		( 4,529)

11. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
72 A Ordinary shares of £ 1.00 each	72		72
48 B Ordinary shares of £ 1.00 each	48		48
20 C Ordinary shares of £ 1.00 each	20		20
	140		140

12. Related party transactions

Transactions with the entity's director

	2022		2021
	£		£
Amounts owed to director	8,358		35,066

The above loan is unsecured, interest free and there are no fixed terms of repayment.