Company registration number 14003818 (England and Wales)
ANAVERNA HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ANAVERNA HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ANAVERNA HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
Notes
£
£
Non-current assets
Investments
3
3,192,881
Current assets
Trade and other receivables
5
76,400
Cash and cash equivalents
3,285,121
3,361,521
Current liabilities
6
(6,497,824)
Net current liabilities
(3,136,303)
Net assets
56,578
Equity
Called up share capital
7
100
Retained earnings
56,478
Total equity
56,578
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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 were approved and signed by the director and authorised for issue on 21 December 2023
D M Tiernan
Director
Company registration number 14003818 (England and Wales)
ANAVERNA HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 25 March 2022
Period ended 31 March 2023:
Profit and total comprehensive income
-
56,478
56,478
Issue of share capital
7
100
-
100
Balance at 31 March 2023
100
56,478
56,578
ANAVERNA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Anaverna Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.
1.1
Reporting period
The financial statements cover the period from the company's formation on 25 March 2022 to 31 March 2023.
1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
At the reporting date the company had net current liabilities of £3,136,303.true
The director has confirmed that he will continue to provide such financial support as is necessary to enable the company to continue in operational existence for the foreseeable future.
Accordingly, the director considers that the going concern basis of accounting is appropriate in preparing the financial statements.
1.4
Non-current investments
Fixed asset investments include investments in equity and interest instruments which are not subsidiaries, associates or joint ventures. They 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 the income statement.
1.5
Cash and cash equivalents
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 statement of financial position 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.
ANAVERNA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
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 payables, 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.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 income statement 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.
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 income statement, 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.
ANAVERNA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
1
3
Fixed asset investments
Quoted equity and interest investments
£
Valuation
Additions
3,241,450
Valuation changes
(19,340)
Disposals
(29,229)
At 31 March 2023
3,192,881
Carrying amount
At 31 March 2023
3,192,881
4
Financial instruments
2023
£
Carrying amount of financial assets
Instruments measured at fair value through the income statement
3,192,881
ANAVERNA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
5
Trade and other receivables
2023
£
Amounts falling due within one year:
Other receivables
42,024
Amounts falling due after more than one year:
Deferred tax asset
34,376
Total debtors
76,400
6
Current liabilities
2023
£
Trade payables
505
Corporation tax
39,279
Other payables
6,458,040
6,497,824
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of £1 each
20
20
Ordinary B shares of £1 each
20
20
Ordinary C shares of £1 each
20
20
Ordinary D shares of £1 each
20
20
Ordinary E shares of £1 each
20
20
100
100
On 25 March 2022 1 ordinary share of £1 was issued for cash at par to create the company's capital base.
On 29 March 2023 the company's existing share capital of 1 ordinary share of £1 was re-designated as 1 ordinary A share of £1.
Subsequently, on the same date 19 ordinary A shares of £1, 20 ordinary B shares of £1, 20 ordinary C shares of £1, 20 ordinary D shares of £1 and 20 ordinary E shares of £1 were issued for cash at par to increase the company's capital base.
The ordinary A shares have full voting, dividend and capital rights. All other share classes have dividend and capital rights but are not entitled to vote.