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Registered number: 11703147
Elvia Asset Management Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11703147
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 1,552,370 1,206,775
1,552,370 1,206,775
CURRENT ASSETS
Debtors 5 84,175 62,572
Cash at bank and in hand 410 40
84,585 62,612
Creditors: Amounts Falling Due Within One Year 6 (156,182 ) (62,044 )
NET CURRENT ASSETS (LIABILITIES) (71,597 ) 568
TOTAL ASSETS LESS CURRENT LIABILITIES 1,480,773 1,207,343
Creditors: Amounts Falling Due After More Than One Year 7 (1,438,431 ) (1,198,128 )
NET ASSETS 42,342 9,215
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 42,242 9,115
SHAREHOLDERS' FUNDS 42,342 9,215
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Gianmaria Panini
Director
12 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Elvia Asset Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11703147 . The registered office is 809 Salisbury House, 29 Finsbury Circus, London, EC2M 5SQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Interest income
Revenue is recognised as interest accrues using the effective interest method.
2.3. 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 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 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 financed at a rate of interest that is not a market rate or in the 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 amortised cost.
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.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Investments
Unlisted
£
Cost
As at 1 December 2022 1,206,775
Additions 592,397
Disposals (246,802 )
As at 30 November 2023 1,552,370
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 1,552,370
As at 1 December 2022 1,206,775
Investments includes loans provided to the other parties at pre-determined interest rate with a fixed maturity period. The investments are remeasured at cost.
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 84,175 62,572
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 7,771 2,138
Accruals and deferred income 55,110 44,369
Director's loan account 93,301 15,537
156,182 62,044
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 1,438,431 1,198,128
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
Included in creditors due within one year is an amount of £93,301  (2022: £15,537) owed to its director. The amount is interest free and repayable on demand.
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10. Ultimate Controlling Party
The company's ultimate controlling party is director by virtue of the ownership of 100% of the issued share capital in the company.
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