Company Registration No. 07688750 (England and Wales)
AVIGNON CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
AVIGNON CAPITAL LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 9
AVIGNON CAPITAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2019.
Principal activities
The principal activity of the company was that of
commercial
property
management,
investment and
advisory services.
Directors
The director
s
who held office during the year and up to the date of signature of the financial statements w
ere
as follows:
E Mounier
(Resigned 1 February 2019)
P Flaton
Results and dividends
The results for the
year
are set out on page 6.
No ordinary dividends were paid (201
8
: £
Nil
). The director
do
es
not recommend payment of a final dividend.
Auditor
PricewaterhouseCoopers LLP
were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director individually has taken all the necessary steps he they ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
Having reviewed the company's financial forecasts and expected future cash flows (see note 1.2), the director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 201
9
.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
P Flaton
Director
11 December 2020
AVIGNON CAPITAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
5
110,422
113,769
Current assets
Debtors
6
1,443,210
1,144,656
Cash at bank and in hand
142,695
151,818
1,585,905
1,296,474
Creditors: amounts falling due within one year
7
(1,245,491)
(1,684,990)
Net current assets/(liabilities)
340,414
(388,516)
Total assets less current liabilities
450,836
(274,747)
Capital and reserves
Called up share capital
9
3,030
3,030
Share premium account
27,772
27,772
Capital redemption reserve
77
77
Profit and loss account
419,957
(305,626)
Total equity
450,836
(274,747)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 6 to 18 were approved by the director and authorised for issue on 11 December 2020 and are signed on its behalf by:
P Flaton
Director
Company Registration No. 07688750
AVIGNON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
All accounting policies have been applied consistently.
Company information
Avignon Capital Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
73 Cornhill, London, EC3V 3QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Avignon Holdings Limited. These c
onsolidated financial statements are available from its registered office,
Les Echelons Court, Les Echelons, St Peter Port, Guernsey, GY1 1AR.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
Having reviewed the company's financial forecasts and expected future cash flows, the director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. This assessment is based on post year end results as well as the continued support of the immediate parent undertaking. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 201
9
.
AVIGNON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Turnover is recognised when services have been performed in line with conditions set out in the relevant contract.
Revenue is measured at the fair value of the consideration received or receivable. This represented services provided in the normal course of business, exclusive of Value Added Tax, trade discounts and other sales related taxes.
Revenue is accrued when it is earned from providing a service but has yet to be billed. The recognition of such income is based on an entitlement to the income for services already performed.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5 years Straight Line
Fixtures, fittings & equipment
15% Reducing Balance
Computer equipment
15% Reducing Balance
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
.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include
debtors
and accrued income
, amounts due from fellow group companies
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
AVIGNON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including
trade and other creditors and
loans from
fellow group companies that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
AVIGNON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There have been no judgements, estimates and assumptions made as this has not been deemed necessary.
3
Operating profit/(loss)
2019
2018
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(7,233)
12,291
Depreciation of owned tangible fixed assets
24,260
22,135
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
12
9
AVIGNON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
5
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2019
60,730
103,366
9,074
173,170
Additions
-
6,558
14,355
20,913
At 31 December 2019
60,730
109,924
23,429
194,083
Depreciation and impairment
At 1 January 2019
10,883
43,299
5,219
59,401
Depreciation charged in the year
12,146
9,809
2,305
24,260
At 31 December 2019
23,029
53,108
7,524
83,661
Carrying amount
At 31 December 2019
37,701
56,816
15,905
110,422
At 31 December 2018
49,847
60,067
3,855
113,769
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
286,890
539,992
Corporation tax recoverable
52,999
59,753
Amounts owed by group undertakings
447,762
21,806
Other debtors
343,094
220,656
Prepayments and accrued income
300,606
290,590
1,431,351
1,132,797
Deferred tax asset (note 8)
11,859
11,859
1,443,210
1,144,656
Amounts owed by group undertakings are repayable on demand and interest free.
AVIGNON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
570,749
36,388
Amounts owed to group undertakings
101,514
1,238,862
Corporation tax
146,711
38,724
Other taxation and social security
48,795
90,792
Other creditors
12,331
21,158
Accruals and deferred income
365,391
259,066
1,245,491
1,684,990
Amounts owed to group undertakings are repayable on demand and interest free.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2019
2018
Balances:
£
£
Tax losses
11,859
11,859
There were no deferred tax movements in the year.
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
9
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
3,000 Ordinary "A" shares of £1 each
3,000
3,000
30 Ordinary "B" shares of £1 each
30
30
3,030
3,030
AVIGNON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The auditor was PricewaterhouseCoopers LLP.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2019
2018
£
£
Within one year
87,459
112,118
Between two and five years
132,465
336,353
219,924
448,471
12
Related party transactions
The company has taken advantage of the exemption available under FRS 102 section 33.1A from the requirement to disclose transactions with group companies on the grounds that all transactions were undertaken with wholly owed companies within the group.
13
Ultimate controlling party
The immediate parent company is Avignon Group Holdings Limited, a company registered in England & Wales.
The ultimate parent company is CITIC Securities Co, Ltd, a company registered in Hong Kong and listed on the Shanghai and Hong Kong stock exchange.
2019-12-31
2019-01-01
false
11 December 2020
CCH Software
CCH Accounts Production 2020.310
This audit opinion is unqualified
E Mounier
P Flaton
07688750
2019-01-01
2019-12-31
07688750
bus:Director3
2019-01-01
2019-12-31
07688750
bus:Director6
2019-01-01
2019-12-31
07688750
bus:Director1
2019-01-01
2019-12-31
07688750
bus:Director2
2019-01-01
2019-12-31
07688750
2019-12-31
07688750
2018-12-31
07688750
core:LeaseholdImprovements
2019-12-31
07688750
core:FurnitureFittings
2019-12-31
07688750
core:ComputerEquipment
2019-12-31
07688750
core:LeaseholdImprovements
2018-12-31
07688750
core:FurnitureFittings
2018-12-31
07688750
core:ComputerEquipment
2018-12-31
07688750
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
07688750
core:CurrentFinancialInstruments
core:WithinOneYear
2018-12-31
07688750
core:CurrentFinancialInstruments
2019-12-31
07688750
core:CurrentFinancialInstruments
2018-12-31
07688750
core:ShareCapital
2019-12-31
07688750
core:ShareCapital
2018-12-31
07688750
core:SharePremium
2019-12-31
07688750
core:SharePremium
2018-12-31
07688750
core:CapitalRedemptionReserve
2019-12-31
07688750
core:CapitalRedemptionReserve
2018-12-31
07688750
core:RetainedEarningsAccumulatedLosses
2019-12-31
07688750
core:RetainedEarningsAccumulatedLosses
2018-12-31
07688750
core:ShareCapitalOrdinaryShares
2019-12-31
07688750
core:ShareCapitalOrdinaryShares
2018-12-31
07688750
core:LeaseholdImprovements
core:LeasedAssetsHeldAsLessee
2019-01-01
2019-12-31
07688750
core:FurnitureFittings
2019-01-01
2019-12-31
07688750
core:ComputerEquipment
2019-01-01
2019-12-31
07688750
2018-01-01
2018-12-31
07688750
core:LeaseholdImprovements
2018-12-31
07688750
core:FurnitureFittings
2018-12-31
07688750
core:ComputerEquipment
2018-12-31
07688750
2018-12-31
07688750
core:LeaseholdImprovements
2019-01-01
2019-12-31
07688750
bus:OrdinaryShareClass1
2019-01-01
2019-12-31
07688750
bus:OrdinaryShareClass2
2019-01-01
2019-12-31
07688750
bus:OrdinaryShareClass1
2019-12-31
07688750
bus:OrdinaryShareClass2
2019-12-31
07688750
core:WithinOneYear
2019-12-31
07688750
core:WithinOneYear
2018-12-31
07688750
core:BetweenTwoFiveYears
2019-12-31
07688750
core:BetweenTwoFiveYears
2018-12-31
07688750
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
07688750
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
07688750
bus:FRS102
2019-01-01
2019-12-31
07688750
bus:Audited
2019-01-01
2019-12-31
07688750
bus:FullAccounts
2019-01-01
2019-12-31
xbrli:pure
xbrli:shares
iso4217:GBP