Silverfin false false 31/03/2024 01/04/2023 31/03/2024 P Abson 30/03/2016 20 August 2024 The principal activity of the Company during the financial year was consultancy for building projects. 10090485 2024-03-31 10090485 bus:Director1 2024-03-31 10090485 2023-03-31 10090485 core:CurrentFinancialInstruments 2024-03-31 10090485 core:CurrentFinancialInstruments 2023-03-31 10090485 core:Non-currentFinancialInstruments 2024-03-31 10090485 core:Non-currentFinancialInstruments 2023-03-31 10090485 core:ShareCapital 2024-03-31 10090485 core:ShareCapital 2023-03-31 10090485 core:RetainedEarningsAccumulatedLosses 2024-03-31 10090485 core:RetainedEarningsAccumulatedLosses 2023-03-31 10090485 core:ComputerEquipment 2023-03-31 10090485 core:ComputerEquipment 2024-03-31 10090485 core:CostValuation 2023-03-31 10090485 core:CostValuation 2024-03-31 10090485 bus:OrdinaryShareClass1 2024-03-31 10090485 2023-04-01 2024-03-31 10090485 bus:FilletedAccounts 2023-04-01 2024-03-31 10090485 bus:SmallEntities 2023-04-01 2024-03-31 10090485 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10090485 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10090485 bus:Director1 2023-04-01 2024-03-31 10090485 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 10090485 2022-04-01 2023-03-31 10090485 core:ComputerEquipment 2023-04-01 2024-03-31 10090485 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 10090485 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 10090485 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10090485 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10090485 (England and Wales)

AVODE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

AVODE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

AVODE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
AVODE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,010 869
Investments 4 684,296 684,296
685,306 685,165
Current assets
Stocks 256,013 0
Debtors 5 410,000 361,611
Cash at bank and in hand 646,763 622,711
1,312,776 984,322
Creditors: amounts falling due within one year 6 ( 31,984) ( 118,151)
Net current assets 1,280,792 866,171
Total assets less current liabilities 1,966,098 1,551,336
Creditors: amounts falling due after more than one year 7 ( 17,500) ( 27,500)
Provision for liabilities ( 253) ( 217)
Net assets 1,948,345 1,523,619
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 1,948,245 1,523,519
Total shareholder's funds 1,948,345 1,523,619

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Avode Limited (registered number: 10090485) were approved and authorised for issue by the Director on 20 August 2024. They were signed on its behalf by:

P Abson
Director
AVODE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
AVODE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Avode Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Willow Court, Wendelbury, Bicester, OX25 2JY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal
course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade
discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Work in Progress

Work in progress is valued at the lower of cost and net realisable value. Costs includes all direct expenditure and an appropriate proportion of overheads.

At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Work in progress is recognised in cost of sales based on the proportion of costs incurred in the production of goods sold as a proportion of the estimated total costs of production.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 1,449 1,449
Additions 1,263 1,263
Disposals ( 1,449) ( 1,449)
At 31 March 2024 1,263 1,263
Accumulated depreciation
At 01 April 2023 580 580
Charge for the financial year 253 253
Disposals ( 580) ( 580)
At 31 March 2024 253 253
Net book value
At 31 March 2024 1,010 1,010
At 31 March 2023 869 869

4. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 April 2023 684,296 684,296
At 31 March 2024 684,296 684,296
Carrying value at 31 March 2024 684,296 684,296
Carrying value at 31 March 2023 684,296 684,296

5. Debtors

2024 2023
£ £
Amounts owed by associates 410,000 342,992
Other debtors 0 18,619
410,000 361,611

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Amounts owed to associates 450 450
Amounts owed to director 4,542 60,205
Accruals 2,640 32,640
Corporation tax 14,352 14,856
31,984 118,151

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 17,500 27,500

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Sales 62,630 62,934
Interest income 43,757 52,992
Balance due from associates 410,000 342,992
Balance due to associates 450 450

The amounts owed by associates includes relating to a loan to an associate, where interest is charged at 10% and there is no defined repayment date. The remaining amounts owed by associates are unsecured, interest free and repayable upon demand.

Transactions with the entity's director

2024 2023
£ £
Balance due to directors at year end (interest charged at 2.25% on overdrawn balances) 4,542 60,205