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Registered Number: 10533023
England and Wales

 

 

 

CORPORATE AVENUE SERVICES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Directors Simon Carse
Sibthorepe Leslie John
Registered Number 10533023
Registered Office Third Floor, 19 Gerrard Street
LONDON
England
N12 7ER
Accountants Focus Somar Audit & Tax Accountants Ltd
301 Third Floor Middlesex House
130 College Road, Harrow, United Kingdom
HA1 1BQ
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2023.
Principal activities
Principal activity of the company during the financial year was of ...
Directors
The directors who served the company throughout the year were as follows:
Simon Carse
Sibthorepe Leslie John
Statement of directors' responsibilities
The directors are responsible for preparing the Directors report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

a) select suitable accounting policies for the Company's financial statements and then apply them consistently;

b) make judgments and accounting estimates that are reasonable and prudent;

c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.









This report was approved by the board and signed on its behalf by:


----------------------------------
Simon Carse
Director

Date approved: 10 May 2023
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 1,552   
1,552   
Current assets      
Debtors 4 1,145    18,583 
Cash at bank and in hand 3,612,168    20,362 
3,613,313    38,945 
Creditors: amount falling due within one year 5 (3,308,778)  
Net current assets 304,535    38,945 
 
Total assets less current liabilities 306,087    38,945 
Net assets 306,087    38,945 
 

Capital and reserves
     
Called up share capital 60,000    60,000 
Profit and loss account 246,087    (21,055)
Shareholder's funds 306,087    38,945 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 10 May 2023 and were signed on its behalf by:


-------------------------------
Simon Carse
Director
3
General Information
Corporate Avenue Services Limited is a private company, limited by shares, registered in England and Wales, registration number 10533023, registration address Third Floor, 19 Gerrard Street, LONDON, England, N12 7ER.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Going Concern
Company's management have assessed whether the going concern assumption is appropriate in the current context, management have taken into consideration of all available and relevant information specific to company about the future, which is at least, but is not limited to, twelve months from the date when the financial statements are authorized for issue.
The directors assessed the performance of each quarter of financial year and concluded that the company is continuing its regular levels of sales and profitability, and that it is well placed to manage its business risks successfully assessing the pandemic context. Accordingly, directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The management continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue
Revenue is recognized 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 recognized:
Rendering of services
Revenue from a contract to provide services is recognized 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:
a) the amount of revenue can be measured reliably;

b) it is probable that the Company will receive the consideration due under the contract;
c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and
d) the costs incurred and the costs to complete the contract can be measured reliably.
Valuation of investments
Investments in subsidiaries, associates and jointly controlled entities are held at fair value with fair value gains and losses are recognized in profit and loss.
Investments in gold are held at fair value with gains and losses recognized in profit and loss.
Fair value is the amount for which an asset, liability or equity instrument could be exchanged or settled between knowledgeable, willing parties in an arms length transaction.
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 amortized cost using the effective interest method, less any impairment.
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.
Financial instruments
The Company only enters into basic financial instruments 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 non-puttable 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 amortized 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 financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortized cost.
Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
a) at fair value with changes recognized in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
b) at cost less, impairment for all other investments.
Financial assets that are measured at cost and amortized 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 recognized in the Statement of comprehensive income.
For financial assets measured at amortized 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 balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realize 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 recognized 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 recognized 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.
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 amortized cost using the effective interest method.
Finance costs
Finance costs are charged to the Statement of comprehensive income 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 recognized as a reduction in the proceeds of the associated capital instrument.
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.
The estimated useful lives range as follows:
Computer equipment Straight line over 5 years
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 recognized in the Statement of comprehensive income.
Operating leases: The Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognized on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income
Interest income is recognized in the Statement of comprehensive income using the effective interest method.
Finance costs
Finance costs are charged to the income statement 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 recognized as a reduction in the proceeds of the associated capital instrument.
Borrowing costs
All borrowing costs are recognized in the Statement of comprehensive income in the year in which they are incurred.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Taxation
Tax is recognized in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognized as other comprehensive income or to an item recognized directly in equity is also recognized 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 balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognized in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
a) 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
b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognized in respect of permanent differences except in respect of business combinations, when deferred tax is recognized 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 balance sheet date.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into US Dollars at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.

Provisions
Provisions are recognized when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Preference Shares
The company's preference share is an equity instrument as the entity has no obligation to deliver cash or another financial asset. This instrument is not subject to mandatory redemption for a fixed or determinable amount at a fixed or determinable time, nor there is mandatory condition for fixed dividend, and dividends are non- cumulative however company may be able to redeem and pay fixed dividend to the shareholder, at its option.
2. Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are considered to be no key sources of estimation uncertainty or judgements which would have a significant impact on amounts recognized in the financial statements.




















































2.

Average number of employees


Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 April 2022  
Additions 1,781    1,781 
Disposals  
At 31 March 2023 1,781    1,781 
Depreciation
At 01 April 2022  
Charge for year 229    229 
On disposals  
At 31 March 2023 229    229 
Net book values
Closing balance as at 31 March 2023 1,552    1,552 
Opening balance as at 01 April 2022  


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors   13,000 
Deposits - Rent 770    728 
Prepaid Secretarial Services 375    4,855 
1,145    18,583 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Demand Deposit 3,246,525   
Sundry Creditors 77   
Duties & Taxes 57,724   
Provision for Audit Fees 4,452   
3,308,778   

4