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Registered number: 13635998














AZALEOS FINANCE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2022

 
AZALEOS FINANCE LIMITED
REGISTERED NUMBER: 13635998

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
Note

  

Current assets
  

Debtors: amounts falling due within one year
 5 
633,418

  
633,418

Creditors: amounts falling due within one year
 6 
(299,345)

Net current assets
  
 
 
334,073

Total assets less current liabilities
  
334,073

  

Net assets
  
£334,073


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
334,072

  
£334,073


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 November 2023.




___________________________
M Davis
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
AZALEOS FINANCE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity


Comprehensive income for the period

Profit for the period
-
334,072
334,072


Contributions by and distributions to owners

Shares issued during the period
1
-
1


At 31 December 2022
£1
£334,072
£334,073

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
AZALEOS FINANCE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales. 
The address of its registered office is:
Centrum West
Callister Way
Burton-On-Trent
DE14 2SY 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

An entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. This must be at least, but is not limited to, twelve months from the date on which the financial statements are authorised for issue.
The Director has concluded, based on the fact that subsequent to the year end the company ceased trading and became dormant, that the company is non-going concern.
As a result, the Directors have formed the opinion that it is appropriate to prepare the financial statements on a basis other than that of going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value, and making provisions in respect of contracts which have become onerous at the balance sheet date. There have been no significant alterations to the existing accounting policies as these are considered to give a true and fair view.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

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.

 
2.5

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.

Page 3

 
AZALEOS FINANCE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 4

 
AZALEOS FINANCE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.6
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. 
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.


4.


Employees

The average monthly number of employees, including directors, during the period was 1.


5.


Debtors

2022


Amounts owed by group undertakings
215,696

Other debtors
417,722

£633,418


Page 5

 
AZALEOS FINANCE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022

Corporation tax
78,362

Other creditors
32,717

Accruals and deferred income
188,266

£299,345



7.
Ultimate parent undertaking and controlling party

At the balance sheet date, the immediate parent undertaking is Azaleos Holdings Limited, a company incorporated in England and Wales. 
Azaleos Holdings Limited is the controlling party of the company.
The ultimate parent undertaking is Billion Venture Group Limited, a company incorporated in the British Virgin Islands.
H Zarin is the ultimate controlling party of the company. The controlling party of the parent undertaking is Billion Venture Group Limited.
There are no publicly available consolidated financial statements which include this company.
 



8.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2022 was unqualified.

The audit report was signed on 10 November 2023 by Joshua Conlon FCCA (Senior statutory auditor) on behalf of Magee Gammon Corporate Limited.

Page 6