Avtura Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2023
Company Registration No. 05594720 (England and Wales)
Avtura Limited
Company Information
Directors
H L Fowler
C G Meeking
Secretary
C G Meeking
Company number
05594720
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Avtura Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,608,316
1,535,103
Tangible assets
4
997
4,877
1,609,313
1,539,980
Current assets
Debtors
5
283,847
218,585
Cash at bank and in hand
165,866
1,608
449,713
220,193
Creditors: amounts falling due within one year
6
(331,720)
(308,713)
Net current assets/(liabilities)
117,993
(88,520)
Total assets less current liabilities
1,727,306
1,451,460
Creditors: amounts falling due after more than one year
7
(440,044)
(114,175)
Provisions for liabilities
(1,029)
(1,029)
Net assets
1,286,233
1,336,256
Capital and reserves
Called up share capital
8
1,058
1,058
Share premium account
1,725,903
1,725,903
Profit and loss reserves
(440,728)
(390,705)
Total equity
1,286,233
1,336,256
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year 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 directors acknowledge their 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 year 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.
Avtura Limited
Balance Sheet (Continued)
As at 31 March 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
C G Meeking
Director
Company Registration No. 05594720
Avtura Limited
Statement of Changes in Equity
For the year ended 31 March 2023
Page 3
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
946
1,426,015
(303,933)
1,123,028
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
(86,772)
(86,772)
Issue of share capital
8
112
299,888
-
300,000
Balance at 31 March 2022
1,058
1,725,903
(390,705)
1,336,256
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(50,023)
(50,023)
Balance at 31 March 2023
1,058
1,725,903
(440,728)
1,286,233
Avtura Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 4
1
Accounting policies
Company information
Avtura Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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. The principal accounting policies adopted are set out below.
1.2
Going concern
With the financial arrangements in place, the directors are confident that the company has adequate resources to enable it to continue to operate for at least the next 12 months from the date of approval of these financial statements. Consequently, the directors have continued to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
10 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Avtura Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line method
Computers
33.33% straight line method
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash at bank and in hand
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.
1.9
Financial instruments
The company only has financial instrument classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.10
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 profit and loss account 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.
Avtura Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 6
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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 profit and loss account, 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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
Avtura Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022
3,440,928
Additions
403,344
At 31 March 2023
3,844,272
Amortisation and impairment
At 1 April 2022
1,905,825
Amortisation charged for the year
330,131
At 31 March 2023
2,235,956
Carrying amount
At 31 March 2023
1,608,316
At 31 March 2022
1,535,103
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
61,409
Depreciation and impairment
At 1 April 2022
56,532
Depreciation charged in the year
3,880
At 31 March 2023
60,412
Carrying amount
At 31 March 2023
997
At 31 March 2022
4,877
Avtura Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 8
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
93,619
60,439
Corporation tax recoverable
103,239
106,104
Other debtors
2,250
2,250
Prepayments and accrued income
84,739
49,792
283,847
218,585
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
23,048
48,579
Trade creditors
39,113
32,185
Taxation and social security
44,448
45,366
Other creditors
197,871
151,762
Accruals and deferred income
27,240
30,821
331,720
308,713
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
67,330
83,333
Other creditors
372,714
30,842
440,044
114,175
Included within creditors are term loan facilities with a balance of £466,385 (2022: £210,002) secured by way of a fixed and floating charge over all assets.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
105,767 Ordinary shares of 1p each
1,058
1,058
1,058
1,058
Avtura Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 9
9
Related party transactions
Included within other creditors at the year end is £70,000 (2022: £nil) due to a director of the company.
The loan amounts described above are interest free.
2023-03-312022-04-01false08 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityP J BowellH L FowlerC G MeekingP S SmithC G Meeking055947209055947202022-04-012023-03-3105594720bus:Director22022-04-012023-03-3105594720bus:CompanySecretaryDirector12022-04-012023-03-3105594720bus:CompanySecretary12022-04-012023-03-3105594720bus:Director12022-04-012023-03-3105594720bus:Director32022-04-012023-03-3105594720bus:Director42022-04-012023-03-3105594720bus:RegisteredOffice2022-04-012023-03-31055947202023-03-31055947202022-03-3105594720core:IntangibleAssetsOtherThanGoodwill2023-03-3105594720core:IntangibleAssetsOtherThanGoodwill2022-03-3105594720core:OtherPropertyPlantEquipment2023-03-3105594720core:OtherPropertyPlantEquipment2022-03-3105594720core:CurrentFinancialInstruments2023-03-3105594720core:CurrentFinancialInstruments2022-03-3105594720core:Non-currentFinancialInstruments2023-03-3105594720core:Non-currentFinancialInstruments2022-03-3105594720core:ShareCapital2023-03-3105594720core:ShareCapital2022-03-3105594720core:SharePremium2023-03-3105594720core:SharePremium2022-03-3105594720core:RetainedEarningsAccumulatedLosses2023-03-3105594720core:RetainedEarningsAccumulatedLosses2022-03-3105594720core:ShareCapital2021-03-3105594720core:SharePremium2021-03-3105594720core:RetainedEarningsAccumulatedLosses2021-03-3105594720core:ShareCapitalOrdinaryShares2023-03-3105594720core:ShareCapitalOrdinaryShares2022-03-3105594720core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31055947202021-04-012022-03-3105594720core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3105594720core:ShareCapital2021-04-012022-03-3105594720core:SharePremium2021-04-012022-03-3105594720core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3105594720core:IntangibleAssetsOtherThanGoodwill2022-03-3105594720core:OtherPropertyPlantEquipment2022-03-3105594720core:OtherPropertyPlantEquipment2022-04-012023-03-3105594720bus:OrdinaryShareClass12023-03-3105594720bus:OrdinaryShareClass12022-04-012023-03-3105594720bus:PrivateLimitedCompanyLtd2022-04-012023-03-3105594720bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105594720bus:FRS1022022-04-012023-03-3105594720bus:AuditExemptWithAccountantsReport2022-04-012023-03-3105594720bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP