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Company No: 06042987 (England and Wales)

GAVURIN LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GAVURIN LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GAVURIN LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
GAVURIN LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS I W Appleby
S P Cook (Resigned 10 January 2023)
M Lowenstein
P Miller
C T Moore (Resigned 10 January 2023)
SECRETARY P Miller
REGISTERED OFFICE The Racquets Court
College Street
Newcastle Upon Tyne
NE1 8JG
United Kingdom
COMPANY NUMBER 06042987 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
GAVURIN LTD

BALANCE SHEET

As at 31 December 2023
GAVURIN LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 35,541 163,858
Tangible assets 4 4,508 4,658
40,049 168,516
Current assets
Debtors
- due within one year 5 1,002 ( 693)
- due after more than one year 5 0 24,054
Cash at bank and in hand 22,549 31,487
23,551 54,848
Creditors: amounts falling due within one year 6 ( 40,229) ( 43,683)
Net current (liabilities)/assets (16,678) 11,165
Total assets less current liabilities 23,371 179,681
Provision for liabilities 0 ( 30,070)
Net assets 23,371 149,611
Capital and reserves
Called-up share capital 7 15,000 15,000
Profit and loss account 8,371 134,611
Total shareholders' funds 23,371 149,611

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GAVURIN LTD (registered number: 06042987) were approved and authorised for issue by the Board of Directors on 28 August 2024. They were signed on its behalf by:

P Miller
Director
GAVURIN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GAVURIN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

GAVURIN LTD (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 The Racquets Court, College Street, Newcastle Upon Tyne, NE1 8JG, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be readily measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 20 - 25 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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 Balance Sheet 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 6

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 917,615 917,615
At 31 December 2023 917,615 917,615
Accumulated amortisation
At 01 January 2023 753,757 753,757
Charge for the financial year 128,317 128,317
At 31 December 2023 882,074 882,074
Net book value
At 31 December 2023 35,541 35,541
At 31 December 2022 163,858 163,858

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 37,948 37,948
Additions 464 464
At 31 December 2023 38,412 38,412
Accumulated depreciation
At 01 January 2023 33,290 33,290
Charge for the financial year 614 614
At 31 December 2023 33,904 33,904
Net book value
At 31 December 2023 4,508 4,508
At 31 December 2022 4,658 4,658

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 0 ( 918)
Other debtors 1,002 225
1,002 ( 693)
Debtors: amounts falling due after more than one year
Corporation tax 0 24,054

6. Creditors: amounts falling due within one year

2023 2022
£ £
Other taxation and social security 1,247 466
Other creditors 38,982 43,217
40,229 43,683

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
15,000 Ordinary shares shares of £ 1.00 each 15,000 15,000

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to the directors 29,688 29,688

No interest has been charged on the loan from the directors in the year (2022 - £1,278).