1 March 2022 v2023.30.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC5277082022-03-012023-02-28SC5277082023-02-28SC5277082022-02-28SC527708core:WithinOneYear2023-02-28SC527708core:WithinOneYear2022-02-28SC527708core:AfterOneYear2023-02-28SC527708core:AfterOneYear2022-02-28SC527708core:ShareCapital2023-02-28SC527708core:ShareCapital2022-02-28SC527708core:RetainedEarningsAccumulatedLosses2023-02-28SC527708core:RetainedEarningsAccumulatedLosses2022-02-28SC527708bus:Director12022-03-012023-02-28SC527708bus:RegisteredOffice2022-03-012023-02-28SC527708core:NetGoodwill2022-03-012023-02-28SC527708core:OfficeEquipment2022-03-012023-02-28SC527708core:FurnitureFittings2022-03-012023-02-28SC527708core:PlantMachinery2022-03-012023-02-28SC5277082021-03-012022-02-28SC527708core:NetGoodwill2023-02-28SC527708core:NetGoodwill2022-03-01SC527708core:NetGoodwill2022-02-28SC527708core:PlantMachinery2022-03-01SC527708core:PlantMachinery2023-02-28SC527708core:PlantMachinery2022-02-28SC52770812022-03-012023-02-28SC527708countries:Scotland2022-03-012023-02-28SC527708bus:AuditExemptWithAccountantsReport2022-03-012023-02-28SC527708bus:PrivateLimitedCompanyLtd2022-03-012023-02-28SC527708bus:SmallEntities2022-03-012023-02-28SC527708bus:FullAccounts2022-03-012023-02-28
Company registration number:
SC527708
Avighnam Ltd
Unaudited Filleted Financial Statements for the year ended
28 February 2023
Avighnam Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Avighnam Ltd
Year ended
28 February 2023
As described on the statement of financial position, the Board of Directors of
Avighnam Ltd
are responsible for the preparation of the
financial statements
for the year ended
28 February 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
NKA Chartered Certified Accountants
4 Lynedoch Place
Glasgow
G3 6AB
United Kingdom
Date:
29 November 2023
Avighnam Ltd
Statement of Financial Position
28 February 2023
20232022
Note££
Fixed assets    
Intangible assets 5
30,000
 
40,000
 
Tangible assets 6
41,982
 
47,009
 
71,982
 
87,009
 
Current assets    
Stocks
45,037
 
45,624
 
Debtors 7
1,569
 
1,552
 
Cash at bank and in hand
44,541
 
40,495
 
91,147
 
87,671
 
Creditors: amounts falling due within one year 8
(53,493
)
(50,363
)
Net current assets
37,654
 
37,308
 
Total assets less current liabilities 109,636   124,317  
Creditors: amounts falling due after more than one year 9
(51,315
)
(72,104
)
Provisions for liabilities
(7,625
)
(8,931
)
Net assets
50,696
 
43,282
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
50,695
 
43,281
 
Shareholders funds
50,696
 
43,282
 
For the year ending
28 February 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
29 November 2023
, and are signed on behalf of the board by:
Jignesh Kumar Chauhan
Director
Company registration number:
SC527708
Avighnam Ltd
Notes to the Financial Statements
Year ended
28 February 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
4 Lynedoch Place
,
Glasgow
,
G3 6AB
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
15% straight line
Fixtures and fittings
15% straight line
Plant and machinery
15% straight line

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 stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
6
).

5 Intangible assets

Goodwill
£
Cost  
At
1 March 2022
and
28 February 2023
100,000
 
Amortisation  
At
1 March 2022
60,000
 
Charge
10,000
 
At
28 February 2023
70,000
 
Carrying amount  
At
28 February 2023
30,000
 
At 28 February 2022
40,000
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 March 2022
66,699
 
Additions
3,186
 
At
28 February 2023
69,885
 
Depreciation  
At
1 March 2022
19,690
 
Charge
8,213
 
At
28 February 2023
27,903
 
Carrying amount  
At
28 February 2023
41,982
 
At 28 February 2022
47,009
 

7 Debtors

20232022
££
Trade debtors -  
85
 
Other debtors
1,569
 
1,467
 
1,569
 
1,552
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
28,509
 
26,098
 
Trade creditors
15,439
 
12,156
 
Taxation and social security
5,163
 
9,329
 
Other creditors
4,382
 
2,780
 
53,493
 
50,363
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
51,315
 
72,104