10 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 168,000 168,000 xbrli:pure xbrli:shares iso4217:GBP 09220334 2022-04-01 2023-03-31 09220334 2023-03-31 09220334 2022-03-31 09220334 2021-04-01 2022-03-31 09220334 2022-03-31 09220334 2021-03-31 09220334 core:NetGoodwill 2022-04-01 2023-03-31 09220334 core:PlantMachinery 2022-04-01 2023-03-31 09220334 core:MotorVehicles 2022-04-01 2023-03-31 09220334 bus:RegisteredOffice 2022-04-01 2023-03-31 09220334 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 09220334 bus:Director1 2022-04-01 2023-03-31 09220334 bus:Director2 2022-04-01 2023-03-31 09220334 core:NetGoodwill 2023-03-31 09220334 core:LandBuildings 2022-03-31 09220334 core:PlantMachinery 2022-03-31 09220334 core:MotorVehicles 2022-03-31 09220334 core:LandBuildings 2023-03-31 09220334 core:PlantMachinery 2023-03-31 09220334 core:MotorVehicles 2023-03-31 09220334 core:LandBuildings 2022-04-01 2023-03-31 09220334 core:WithinOneYear 2023-03-31 09220334 core:WithinOneYear 2022-03-31 09220334 core:ShareCapital 2023-03-31 09220334 core:ShareCapital 2022-03-31 09220334 core:RetainedEarningsAccumulatedLosses 2023-03-31 09220334 core:RetainedEarningsAccumulatedLosses 2022-03-31 09220334 core:LandBuildings 2022-03-31 09220334 core:PlantMachinery 2022-03-31 09220334 bus:SmallEntities 2022-04-01 2023-03-31 09220334 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09220334 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09220334 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09220334 bus:FullAccounts 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 09220334
Avonmore Associates Ltd
Filleted Unaudited Financial Statements
31 March 2023
Avonmore Associates Ltd
Directors' Report
Year ended 31 March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Directors
The directors who served the company during the year were as follows:
Mr BG Buttler
Mr P Buttler
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 6 October 2023 and signed on behalf of the board by:
Mr BG Buttler
Mr P Buttler
Director
Director
Registered office:
Orchard Cottage Dorsington Road
Long Marston
Stratford-Upon-Avon
Warks
CV37 8RW
Avonmore Associates Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Avonmore Associates Ltd
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Avonmore Associates Ltd for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Avonmore Associates Ltd, as a body, in accordance with the terms of our engagement letter dated 7 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Avonmore Associates Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avonmore Associates Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Avonmore Associates Ltd 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 profit of Avonmore Associates Ltd. You consider that Avonmore Associates Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Avonmore Associates Ltd. 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.
FRANCIS GRAY CHARTERED ACCOUNTANTS Chartered accountants
Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN
6 October 2023
Avonmore Associates Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
365,834
384,055
Current assets
Stocks
52,500
14,250
Debtors
7
175,709
233,528
Cash at bank and in hand
339,260
314,519
---------
---------
567,469
562,297
Creditors: amounts falling due within one year
8
214,966
413,640
---------
---------
Net current assets
352,503
148,657
---------
---------
Total assets less current liabilities
718,337
532,712
Provisions
Taxation including deferred tax
55,173
58,365
---------
---------
Net assets
663,164
474,347
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
663,162
474,345
---------
---------
Shareholders funds
663,164
474,347
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Avonmore Associates Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mr BG Buttler
Mr P Buttler
Director
Director
Company registration number: 09220334
Avonmore Associates Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard Cottage Dorsington Road, Long Marston, Stratford-Upon-Avon, Warks, CV37 8RW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% reducing balance
Fixtures and Fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
168,000
---------
Amortisation
At 1 April 2022 and 31 March 2023
168,000
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
72,167
689,365
41,110
802,642
Additions
3,282
87,083
90,365
Disposals
( 20,660)
( 20,660)
--------
---------
--------
---------
At 31 March 2023
75,449
755,788
41,110
872,347
--------
---------
--------
---------
Depreciation
At 1 April 2022
377,477
41,110
418,587
Charge for the year
104,454
104,454
Disposals
( 16,528)
( 16,528)
--------
---------
--------
---------
At 31 March 2023
465,403
41,110
506,513
--------
---------
--------
---------
Carrying amount
At 31 March 2023
75,449
290,385
365,834
--------
---------
--------
---------
At 31 March 2022
72,167
311,888
384,055
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
138,341
176,509
Other debtors
37,368
57,019
---------
---------
175,709
233,528
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
75,717
118,387
Corporation tax
30,254
Other creditors
108,995
295,253
---------
---------
214,966
413,640
---------
---------
Other creditors comprise the following:
2023 2022
£ £
Hire purchase and finance lease agreements 108,995 147,538
Deferred income 147,715
--------- ---------
108,995 295,253
--------- ---------
9. Related party transactions
The company was under the control of Mr B Buttler and Mr P Buttler throughout the current and previous year. Mr B Buttler and Mr P Buttler are equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.