Company No:
Contents
DIRECTORS | T Calvert |
G Calvert |
REGISTERED OFFICE | Purey Cust House |
The Purey Cust | |
York | |
North Yorkshire | |
YO1 7AB | |
United Kingdom |
COMPANY NUMBER | 13212194 (England and Wales) |
ACCOUNTANT | Deloitte LLP |
1 New Street Square | |
London | |
EC4A 3HQ | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.
It is your duty to ensure that Avorium Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Avorium Limited. You consider that Avorium Limited is exempt from the statutory audit requirement for the financial period.
We have not been instructed to carry out an audit or a review of the financial statements of Avorium Limited. 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 financial statements.
Accountant
London
EC4A 3HQ
United Kingdom
Note | 31.03.2022 | |
£ | ||
Fixed assets | ||
Intangible assets | 3 |
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Tangible assets | 4 |
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67,067 | ||
Current assets | ||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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136,890 | ||
Creditors | ||
Amounts falling due within one year | 6 | (
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Net current liabilities | (215,451) | |
Total assets less current liabilities | (148,384) | |
Net liabilities | (
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Capital and reserves | ||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Avorium Limited (registered number:
G Calvert
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Avorium Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Purey Cust House, The Purey Cost, York, North Yorkshire, YO1 7AB, United Kingdom.
The financial statements have been prepared under the historical cost convention, 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 £.
The spreading of COVID-19 continues to be a significant risk to the global economy and the directors continue to monitor the impact of the virus on the business. At the time of signing the directors do not consider COVID-19 to impact the Company’s ability to continue as a going concern.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company is funded by a loan from the directors’ and shareholders’ family Trust. The directors have confirmed that loan facilities will continue to be in place to meet the working capital requirements of the Company, and that the loan will not be recalled for at least 12 months from the date of signing these financial statements. Based on this, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the directors have adopted going concern basis in preparing the financial statements
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Other intangible assets |
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Leasehold improvements |
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Office equipment |
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Computer equipment |
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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.
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.
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
Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments 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.
Period from 19.02.2021 to 31.03.2022 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 19 February 2021 |
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Additions |
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At 31 March 2022 |
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Accumulated amortisation | |||
At 19 February 2021 |
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Charge for the financial period |
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At 31 March 2022 |
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Net book value | |||
At 31 March 2022 |
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Leasehold improve- ments |
Office equipment | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 19 February 2021 |
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Additions |
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At 31 March 2022 |
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Accumulated depreciation | |||||||
At 19 February 2021 |
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Charge for the financial period |
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At 31 March 2022 |
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Net book value | |||||||
At 31 March 2022 |
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31.03.2022 | |
£ | |
Trade debtors |
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Other taxation and social security |
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Other debtors |
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31.03.2022 | |
£ | |
Trade creditors |
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Other creditors |
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The total aggregate directors' remuneration for the period was £50,778. The directors are the only key management personnel of the Company.
Included within other creditors is an amount of £333,400 payable to the directors' and shareholders' family Trust. The amount is interest free and is repayable on demand.
Included within other creditors is an amount of £4,914 payable to a director of the Company. The amount is interest free and is repayable on demand.
In view of the directors, there is no ultimate controlling party.