REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Advini UK Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Advini UK Limited |
Advini UK Limited (Registered number: 01953936) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Advini UK Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants and |
Statutory Auditors |
9 Exchange Place |
International Financial Services Centre |
Dublin 1 |
Ireland |
BANK: |
One Bank Street |
Canary Wharf, London |
United Kingdom |
E1 4SG |
Advini UK Limited (Registered number: 01953936) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Advini UK Limited (Registered number: 01953936) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Advini UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis and under the historical cost convention. |
All amounts are rounded to the nearest £. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The company is a 100% subsidiary of Advini SA , a company incorporated and regulated in France. The registered address of Advini S.A is Jean D Aosque L'Enclos 34725, ST Felix De Lodez Occitanie France |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. |
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. |
There are currently no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Advini UK Limited (Registered number: 01953936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Tangible fixed 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. |
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: Equipment - 25% straight line. |
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. |
Trade and other debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, including of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Advini UK Limited (Registered number: 01953936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. |
Trade and other creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, including transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Employee benefits |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a seperate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Accounts not paid are shown in accruals as a a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
Ordinary share capital |
The ordinary share capital of the company is presented as equity. |
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 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 debtors, accrued income, 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. |
Advini UK Limited (Registered number: 01953936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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 creditors, accruals and loans from fellow group companies 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Advini UK Limited (Registered number: 01953936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
VAT |
The amounts owed by group undertakings are secured, interest free and repayable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Accruals |
Advini UK Limited (Registered number: 01953936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers usual customary credit terms. |
Taxation and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions. |
The terms of the accruals are based on underlying contracts |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary shares | £1 | 80,000 | 80,000 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
ADVINI SA, incorporated in France is regarded by the directors as being the company's ultimate parent company and controlling party. The company is a 100% subsidiary of ADVINI SA. The registered office of ADVINI SA is at L'Enclos, 34725 Saint-Felix-de-Lodez, France. |
The smallest and largest group for which accounts are prepared and of which the company is a member is Advini SA. Copies of the group accounts can be obtained from its registered office. |
10. | GOING CONCERN |
The company is dependent upon the continued financial support of its parent company which has undertaken to financially support the company for the at least 12 months after the date of the signing of these accounts and for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. |
11. | CAPITAL COMMITMENTS |
The company had no material capital commitments at the financial year-ended 31 December 2022. |
12. | RELATED PARTY TRANSACTIONS |
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings. |
Advini UK Limited (Registered number: 01953936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
13. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
The events discussed under Significant Events During the financial period in the Directors’ Report on page 2 may have a continuous impact on the Company post period end. The situation regarding the conflict in the Ukraine and the responses by various governments to these events are constantly developing and therefor the impact of the impact of these events on the company cannot be determined at the date of the approval of the financial |
statements. |
14. | APPROVAL OF FINANCIAL STATEMENTS |
The financial statements were approved and authorised for issue by the board of directors on ____________________. |