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REGISTERED NUMBER: 07708242 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Avelec Solutions Limited

Avelec Solutions Limited (Registered number: 07708242)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Avelec Solutions Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: A Mason





SECRETARY: Ms N Browning





REGISTERED OFFICE: Suite 1, 31 Sheephouse
Farnham
Surrey
GU9 8LR





BUSINESS ADDRESS: Unit 2 Farringdon Industrial Centre
Gosport Road
Farringdon
Alton
GU34 3DD





REGISTERED NUMBER: 07708242 (England and Wales)





ACCOUNTANTS: Inghams Tax & Accounting Limited
Suite 1
31 Sheephouse
Farnham
Surrey
GU9 8LR

Avelec Solutions Limited (Registered number: 07708242)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 46,066 5,667

CURRENT ASSETS
Debtors 5 22,737 44,187
Cash at bank 15,048 18,235
37,785 62,422
CREDITORS
Amounts falling due within one year 6 38,216 36,039
NET CURRENT (LIABILITIES)/ASSETS (431 ) 26,383
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,635

32,050

CREDITORS
Amounts falling due after more than one
year

7

(32,369

)

(17,534

)

PROVISIONS FOR LIABILITIES (8,751 ) (1,076 )
NET ASSETS 4,515 13,440

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,415 13,340
SHAREHOLDERS' FUNDS 4,515 13,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Avelec Solutions Limited (Registered number: 07708242)

Balance Sheet - continued
31 July 2023


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 March 2024 and were signed by:





A Mason - Director


Avelec Solutions Limited (Registered number: 07708242)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Avelec Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at fair value and comprises revenue derived from the ordinary activities of the business during the year net of discounts and vat.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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.

Avelec Solutions Limited (Registered number: 07708242)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives and assessed for impairment losses in the same way as owned assets. Assets acquired under hire purchase contracts are depreciated over their useful lives.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis over the lease term.

Assets held under hire purchase and finance leases are recognised initially at the fair value of the asset (or, if lower, the present value of minimum lease payments) at the inception of the agreement. The corresponding liability is included in the balance sheet as a hire purchase or finance lease obligation.

Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

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 and other financial instruments
Basic financial instruments are recognised at amortised cost, with any changes in fair value being recognised in the profit and loss.

Short term trade 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

Avelec Solutions Limited (Registered number: 07708242)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 23,303
Additions 50,753
At 31 July 2023 74,056
DEPRECIATION
At 1 August 2022 17,636
Charge for year 10,354
At 31 July 2023 27,990
NET BOOK VALUE
At 31 July 2023 46,066
At 31 July 2022 5,667

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 15,752 27,647
Other debtors 6,985 16,540
22,737 44,187

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 6,098 5,998
Hire purchase contracts (see note 8) 1,722 -
Trade creditors 11,925 13,750
Taxation and social security 3,141 11,832
Other creditors 15,330 4,459
38,216 36,039

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 11,436 17,534
Hire purchase contracts (see note 8) 20,933 -
32,369 17,534

Avelec Solutions Limited (Registered number: 07708242)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.23 31.7.22
£    £   
Net obligations repayable:
Within one year 1,722 -
Between one and five years 20,933 -
22,655 -

Non-cancellable operating leases
31.7.23 31.7.22
£    £   
Within one year 400 400

The company's only contracted commitment is currently £200 a month for a storage unit, which has a 2 month notification period.

The contract for the company's office is yet to be finalised, however, payments are currently being made in line with the draft lease, now at £13,355 per annum, with a break clause at 30 September 2025.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
A Mason
Balance outstanding at start of year 8,766 9,545
Amounts advanced - 8,766
Amounts repaid (8,766 ) (9,545 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 8,766

10. RELATED PARTY DISCLOSURES

Included within other creditors is £6050 due to the company's director in respect of a £15,000 equipment purchase.