Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2No description of principal activity2falsetrue 13193472 2022-03-01 2023-02-28 13193472 2021-02-10 2022-02-28 13193472 2023-02-28 13193472 2022-02-28 13193472 c:Director1 2022-03-01 2023-02-28 13193472 d:FurnitureFittings 2022-03-01 2023-02-28 13193472 d:FurnitureFittings 2023-02-28 13193472 d:FurnitureFittings 2022-02-28 13193472 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13193472 d:ComputerEquipment 2022-03-01 2023-02-28 13193472 d:ComputerEquipment 2023-02-28 13193472 d:ComputerEquipment 2022-02-28 13193472 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13193472 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13193472 d:FreeholdInvestmentProperty 2023-02-28 13193472 d:FreeholdInvestmentProperty 2022-02-28 13193472 d:FreeholdInvestmentProperty 2 2022-03-01 2023-02-28 13193472 d:CurrentFinancialInstruments 2023-02-28 13193472 d:CurrentFinancialInstruments 2022-02-28 13193472 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13193472 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 13193472 d:ShareCapital 2023-02-28 13193472 d:ShareCapital 2022-02-28 13193472 d:RevaluationReserve 2023-02-28 13193472 d:RevaluationReserve 2022-02-28 13193472 d:RetainedEarningsAccumulatedLosses 2023-02-28 13193472 d:RetainedEarningsAccumulatedLosses 2022-02-28 13193472 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13193472 c:OrdinaryShareClass1 2022-03-01 2023-02-28 13193472 c:OrdinaryShareClass1 2023-02-28 13193472 c:OrdinaryShareClass1 2022-02-28 13193472 c:FRS102 2022-03-01 2023-02-28 13193472 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 13193472 c:FullAccounts 2022-03-01 2023-02-28 13193472 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 13193472 2 2022-03-01 2023-02-28 13193472 5 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13193472










AVA PARTNERS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
AVA PARTNERS LIMITED
REGISTERED NUMBER: 13193472

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,588
513

Investment property
 5 
2,250,000
2,275,000

  
2,252,588
2,275,513

Current assets
  

Debtors: amounts falling due within one year
 6 
676
800

Cash at bank and in hand
 7 
39,223
22,277

  
39,899
23,077

Creditors: amounts falling due within one year
 8 
(1,963,553)
(1,988,134)

Net current liabilities
  
 
 
(1,923,654)
 
 
(1,965,057)

Total assets less current liabilities
  
328,934
310,456

Provisions for liabilities
  

Deferred tax
 9 
(71,906)
(78,156)

  
 
 
(71,906)
 
 
(78,156)

Net assets
  
257,028
232,300


Capital and reserves
  

Called up share capital 
 10 
100
100

Non-distributable profit and loss account
  
215,716
234,466

Profit and loss account
  
41,212
(2,266)

  
257,028
232,300

Page 1

 
AVA PARTNERS LIMITED
REGISTERED NUMBER: 13193472
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Alexandra Druzhinin
Director

Date: 28 November 2023

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

AVA Partners Limited is a private company, limited by shares, incorporated in England and Wales on 10 February 2021, domiciled in England and Wales, registration number 13193472. The registered office is 6th Floor, 2 London Wall Place, London, United Kingdom, EC2Y 5AU. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers or by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial 
Page 6

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Position when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
540
-
540


Additions
-
2,297
2,297



At 28 February 2023

540
2,297
2,837



Depreciation


At 1 March 2022
27
-
27


Charge for the year
108
114
222



At 28 February 2023

135
114
249



Net book value



At 28 February 2023
405
2,183
2,588



At 28 February 2022
513
-
513

Page 7

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
2,275,000


Deficit on revaluation
(25,000)



At 28 February 2023
2,250,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.                   The historic cost of the investment property included at valuation is £1,962,378. 







6.


Debtors

2023
2022
£
£


Prepayments and accrued income
676
800

676
800



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
39,224
22,277

39,224
22,277


Page 8

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
2,887
-

Other creditors
1,949,038
1,962,278

Accruals and deferred income
11,628
25,856

1,963,553
1,988,134



9.


Deferred taxation



2023


£






At beginning of year
(78,156)


Charged to profit and loss
6,250



At end of year
(71,906)

The provision for deferred taxation is made up as follows:

2023
£


Accelerated capital gains
(71,906)

(71,906)


10.


Share capital

2023
2022
£
£
Allotted and called up 



100 (2022 - 100) Ordinary Shares shares of £1.00 each
100
100



11.Non-distributable profit and loss account

This reserve contains all fair value revaluation adjustments to investment properties. 

Page 9

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

12.


Related party transactions

As at 28 February 2023, £1,963,553 (2022: £1,982,635) was owed to Felicity Trust, a trust in which both directors are trustees.                                The loan is interest bearing at a commercial rate, unsecured and repayable on demand. 

 
Page 10