Registered number
11332618
Airivo Old Street Limited
Filleted Accounts
31 March 2023
Airivo Old Street Limited
Registered number: 11332618
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 2 17,206 51,619
Tangible assets 3 59,036 138,048
76,242 189,667
Current assets
Debtors 4 301,668 362,847
Cash at bank and in hand 57,236 99,090
358,904 461,937
Creditors: amounts falling due within one year 5 (936,358) (1,061,191)
Net current liabilities (577,454) (599,254)
Net liabilities (501,212) (409,587)
Capital and reserves
Called up share capital 100 100
Profit and loss account (501,312) (409,687)
Shareholders' funds (501,212) (409,587)
- -
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Naveen Bhandari Suresh Kumar Aggarwal
Director Director
Approved by the board on 20 October 2023 Approved by the board on 20 October 2023
Airivo Old Street Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Going Concern
At 31 March 2023 the company had net current liabilities of £577,454 [2022 - £599,254] and it mainly comprised of balance due to a connected company. The directors of the company are confident that all payments and liabilities will be met as and when they arise. The directors are of the opinion that the financial statements should be drawn up on a going concern basis.
2 Intangible fixed assets £
Leasehold Premium & L&P costs:
Cost
At 1 April 2022 172,065
At 31 March 2023 172,065
Amortisation
At 1 April 2022 120,446
Provided during the year 34,413
At 31 March 2023 154,859
Net book value
At 31 March 2023 17,206
At 31 March 2022 51,619
Leasehold premium is being written off in equal annual instalments over lease term of 5 years.
3 Tangible fixed assets
Furniture & fittings
£
Cost
At 1 April 2022 516,639
Additions 43,048
Disposals (8,220)
At 31 March 2023 551,467
Depreciation
At 1 April 2022 378,591
Charge for the year 113,840
At 31 March 2023 492,431
Net book value
At 31 March 2023 59,036
At 31 March 2022 138,048
4 Debtors 2023 2022
£ £
Trade debtors 3,494 -
Other debtors 298,174 362,847
301,668 362,847
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 174,319 314,134
Taxation and social security costs 26,952 822
Other creditors 735,087 746,235
936,358 1,061,191
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 2,124,399 3,220,822
7 Contingent liabilities
There is a registered charge (containing a fixed charge and a negative pledge) in favour of the bank in respect of a loan borrowed by the connected companies.
8 Controlling party
The company is controlled by Airivo London Ltd by virtue of 100% shareholding in the issued share capital of the company.
9 Other information
Airivo Old Street Limited is a private company limited by shares and incorporated in England. Its registered office is:
Boundary House
Boston Road
Hanwell
England
W7 2QE
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