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REGISTERED NUMBER: 11400990 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR


AVATARA INC LTD



AVATARA INC LTD (REGISTERED NUMBER: 11400990)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





AVATARA INC LTD



COMPANY INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2023









DIRECTOR:

Ms S Kalyan







SECRETARY:

C Borkhatria







REGISTERED OFFICE:

39 Kingwell Road


Barnet


EN4 0HZ







REGISTERED NUMBER:

11400990 (England and Wales)







ACCOUNTANTS:

Macalvins Limited


Chartered Accountants


7 St John's Road


Harrow


Middlesex


HA1 2EY



AVATARA INC LTD (REGISTERED NUMBER: 11400990)



BALANCE SHEET

30 NOVEMBER 2023



30.11.23

30.11.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

120,935


36,945



Investments

5

100


100



Investment property

6

9,548,246


6,585,000



9,669,281


6,622,045




CURRENT ASSETS

Debtors

7

440,121


477,560



Cash at bank

330,496


118,057



770,617


595,617



CREDITORS

Amounts falling due within one year

8

956,387


1,030,131



NET CURRENT LIABILITIES

(185,770

)

(434,514

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

9,483,511


6,187,531




CREDITORS

Amounts falling due after more than one year

9

(2,628,252

)

(1,589,626

)



PROVISIONS FOR LIABILITIES

(1,114,182

)

(745,280

)


NET ASSETS

5,741,077


3,852,625




CAPITAL AND RESERVES

Called up share capital

100


100



Fair value reserve

12

3,342,547


3,911,354



Retained earnings

12

2,398,430


(58,829

)


SHAREHOLDERS' FUNDS

5,741,077


3,852,625




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.  


The director acknowledges her 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.



AVATARA INC LTD (REGISTERED NUMBER: 11400990)



BALANCE SHEET - continued

30 NOVEMBER 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 Income Statement has not been delivered.


The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:






Ms S Kalyan - Director




AVATARA INC LTD (REGISTERED NUMBER: 11400990)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023


1.

STATUTORY INFORMATION



Avatara Inc Ltd 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.


The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.    



Going Concern


The financial statements have been prepared on a going concern basis notwithstanding the company's net current liabilities position as at the year end. The director of the company has provided with an undertaking that they will continue to support financially for the foreseeable future and that they will not seek repayment of the amounts currently owing to them in the twelve months from the date of signing the financial statements.



Turnover


Turnover represents rental income and is recognised on an accrual basis.



Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 10 years


Investment property


Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit or loss account.



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Investment


Investment in the subsidiary is stated in the balance sheet at cost less impairment provision.


3.

EMPLOYEES AND DIRECTORS



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



AVATARA INC LTD (REGISTERED NUMBER: 11400990)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023


4.

TANGIBLE FIXED ASSETS


Improvements


to


property

£   



COST


At 1 December 2022

41,050




Additions

93,006




At 30 November 2023

134,056




DEPRECIATION


At 1 December 2022

4,105




Charge for year

9,016




At 30 November 2023

13,121




NET BOOK VALUE


At 30 November 2023

120,935




At 30 November 2022

36,945




5.

FIXED ASSET INVESTMENTS


Investment


in


Subsidiary


Compa ny

£   



COST


At 1 December 2022


and 30 November 2023

100




NET BOOK VALUE


At 30 November 2023

100




At 30 November 2022

100




6.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 December 2022

6,585,000




Additions

753,486




Revaluations

2,209,760




At 30 November 2023

9,548,246




NET BOOK VALUE


At 30 November 2023

9,548,246




At 30 November 2022

6,585,000





AVATARA INC LTD (REGISTERED NUMBER: 11400990)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023


6.

INVESTMENT PROPERTY - continued



Fair value at 30 November 2023 is represented by:

£   



Valuation in 2019

1,138,464




Valuation in 2021

665,523




Valuation in 2022

442,982




Valuation in 2023

2,209,760




Cost

5,091,517



9,548,246




7.

DEBTORS


30.11.23


30.11.22

£   

£   



Amounts falling due within one year:


Other debtors

51,658


3,574





Amounts falling due after more than one year:


Amounts owed by group undertakings

388,463


473,986





Aggregate amounts

440,121


477,560




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.11.23


30.11.22

£   

£   



Bank loans and overdrafts (see note 10)

108,612


300,603




Trade creditors

253


2,081




Taxation and social security

49,438


30,418




Other creditors

798,084


697,029



956,387


1,030,131




9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR



30.11.23


30.11.22

£   

£   



Bank loans (see note 10)

2,628,252


1,589,626




10.

LOANS



An analysis of the maturity of loans is given below:



30.11.23


30.11.22

£   

£   



Amounts falling due within one year or on demand:


Bank loans within 1 year

108,612


300,603





Amounts falling due between one and two years:


Bank loans - 1-2 years

1,707,419


-





Amounts falling due between two and five years:


Bank loans - 2-5 years

920,833


1,589,626





AVATARA INC LTD (REGISTERED NUMBER: 11400990)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023


11.

SECURED DEBTS



The following secured debts are included within creditors:



30.11.23


30.11.22

£   

£   



Bank loans

2,736,864


1,890,229




12.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 December 2022

(58,829

)

3,911,354


3,852,525




Profit for the year

1,888,452


1,888,452




Fair value reserve

568,807


(568,807

)

-




At 30 November 2023

2,398,430


3,342,547


5,740,977




13.

RELATED PARTY DISCLOSURES



During the year, the rental income of £275,813 (2022: £194,340) has been received from Pebblestones Limited, its subsidiary company.



Included within debtors at the year end is £388,463 (2022: £473,986), an amount owed by Pebblestones Limited. The amount owed is unsecured and there are no specific terms to the repayment of this amount.



Included within creditors at the year end is £795,088 (2022: £694,828), an amount owed to the director of the company. The amount owed is unsecured and there are no specific terms to the repayment of this amount.