AVERROES CAPITAL LIMITED

Company Registration Number:
11728639 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2021

Period of accounts

Start date: 1 January 2021

End date: 31 December 2021

AVERROES CAPITAL LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Directors report
Balance sheet
Additional notes
Balance sheet notes

AVERROES CAPITAL LIMITED

Directors' report period ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Principal activities of the company

The principal activity of the company continued to be providing advisory service to private equity investors.

Additional information

Small companies noteIn preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.



Directors

The directors shown below have held office during the whole of the period from
1 January 2021 to 31 December 2021

A Alfozan
M Almojel
A Alrashed
N Alshawaf
K Jafar


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
31 August 2022

And signed on behalf of the board by:
Name: M Almojel
Status: Director

AVERROES CAPITAL LIMITED

Balance sheet

As at 31 December 2021

Notes 2021 2020


£

£
Fixed assets
Tangible assets: 3 6,942 1,282
Total fixed assets: 6,942 1,282
Current assets
Debtors: 4 127,067 65,231
Cash at bank and in hand: 977,886 1,980,075
Total current assets: 1,104,953 2,045,306
Creditors: amounts falling due within one year: 5 ( 495,696 ) ( 4,617 )
Net current assets (liabilities): 609,257 2,040,689
Total assets less current liabilities: 616,199 2,041,971
Total net assets (liabilities): 616,199 2,041,971
Capital and reserves
Called up share capital: 66,296 66,296
Share premium account: 2,297,046 2,297,046
Profit and loss account: (1,747,143 ) (321,371 )
Total Shareholders' funds: 616,199 2,041,971

The notes form part of these financial statements

AVERROES CAPITAL LIMITED

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 31 August 2022
and signed on behalf of the board by:

Name: M Almojel
Status: Director

The notes form part of these financial statements

AVERROES CAPITAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    RevenueRevenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable excluding VAT and is recognised on an accrual basis

    Tangible fixed assets depreciation policy

    Tangible fixed assets Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.Depreciation is provided on the following basis: Computer equipment - 25% reducing balance basis The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

    Other accounting policies

    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. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Creditors Short term 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.Financial instruments The Company only enters basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Provisions for liabilitiesProvisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.Provisions are charged as an expense to the profit and loss in the year when the Company becomes aware of the obligation and are measured at the best estimate at the balance sheet date of the expenditure require to the settle the obligation taking into account relevant risks and uncertainties.

AVERROES CAPITAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 2. Employees

    2021 2020
    Average number of employees during the period 7 7

AVERROES CAPITAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2021 1,709 1,709
Additions 6,746 6,746
Disposals
Revaluations
Transfers
At 31 December 2021 8,455 8,455
Depreciation
At 1 January 2021 427 427
Charge for year 1,086 1,086
On disposals
Other adjustments
At 31 December 2021 1,513 1,513
Net book value
At 31 December 2021 6,942 6,942
At 31 December 2020 1,282 1,282

AVERROES CAPITAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Debtors

2021 2020
£ £
Prepayments and accrued income 32,210 34,288
Other debtors 94,857 30,943
Total 127,067 65,231

AVERROES CAPITAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Creditors: amounts falling due within one year note

2021 2020
£ £
Accruals and deferred income 59,512 3,750
Other creditors 436,184 867
Total 495,696 4,617

Included in other creditors is £416,888 (2020: £138) owed to the directors. This loan is unsecured, interest free and repayable on demand.

AVERROES CAPITAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Off balance sheet arrangements

After the balance sheet date, the Company sent out the 2nd capital call notices to the shareholders on 28 April 2022, which include £1,166,667 for committed share capital and £1,166,667 for committed loan notes.