REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements for the Year Ended 31 October 2022 |
for |
Ayavo LLP |
REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements for the Year Ended 31 October 2022 |
for |
Ayavo LLP |
Ayavo LLP (Registered number: OC349430) |
Contents of the Financial Statements |
for the Year Ended 31 October 2022 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Reconciliation of Members' Interests | 11 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
Ayavo LLP |
General Information |
for the Year Ended 31 October 2022 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Block E, 2nd Floor |
286a Chase Road |
London |
N14 6HF |
Ayavo LLP (Registered number: OC349430) |
Report of the Members |
for the Year Ended 31 October 2022 |
The members present their report with the financial statements of the LLP for the year ended 31 October 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of trading in petroleum related products and investment. |
REVIEW OF BUSINESS |
During the year under review the LLP's turnover increased by 68% and the gross profit margin remained at approximately 3%. The LLP reported a profit of $1,378,834 up from $474,016 in 2021. |
The increase in the sales is due to additional product range being introduced by the LLP to its customers such as: petroleum and heating oil. |
The Ukraine-Russian war has had a negative impact on the LLP. The LLP's new policy has been to diversify activities in the current economic conditions. Trade relations with companies engaged in sanctioned activities or at risk from the point of view of sanctions have been excluded in order to minimise risks to the LLP. |
In the reporting period, as well as at present, there were no trade relations with suppliers and buyers from Ukraine or Russia. |
FUTURE DEVELOPMENTS |
The main objective of the LLP is to create a competitive and successful business with long term perspectives and prospects. The LLP has began to diversify into petrol products and is fostering new relationship with new customers, to help expand the business. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was $1,378,834 (2021 - $474,016 profit). |
MEMBERS' INTERESTS |
Policy for drawings, subscription and repayment of members' capital is as follows: |
Drawings |
The policy for members' drawings is to distribute the majority of profit during the financial year, taking into account the need to maintain sufficient funds to finance the working capital and other needs of the business. The designated members set the designated members' level of members' drawings and review this annually. |
Capital |
The capital requirements of the business are determined from time to time by the designated members. Each member is required to subscribe a proportion of this capital. The amount of capital subscribed by each member is linked to the profit share allocated to that member. No interest is paid on capital. The repayment of capital is dependent on members' capital requirement. Members leaving the partnership may have their capital retained unless other arrangements have been agreed between the member and the designated members. |
Members' profit shares |
Members are remunerated solely out of the profits of the partnership. The designated members set members' profit shares in advance and review the allocation. Members' profit shares comprise a variable amount, the value of which is dependent upon the level of profit achieved in accordance with the profit share allocated to that member. Profits are allocated in full and there is transparency amongst the members of the total income allocated to each individual member. |
Ayavo LLP (Registered number: OC349430) |
Report of the Members |
for the Year Ended 31 October 2022 |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
AUDITORS |
The auditors, Georgiou & Prasanna LLP (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE MEMBERS: |
Report of the Independent Auditors to the Members of |
Ayavo LLP |
Opinion |
We have audited the financial statements of Ayavo LLP (the 'LLP') for the year ended 31 October 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 October 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. |
Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Ayavo LLP |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page three, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Ayavo LLP |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Fraud - Identifying and responding to risks of material misstatement due to fraud |
Fraud risk assessment |
To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure by management to commit, or provide an opportunity to commit, fraud. Our risk assessment procedures included: |
- Enquiries of management and internal accounting staff, concerning the LLP's policies and procedures relating to: |
- detecting and responding to the risks of fraud; and |
- internal controls established to mitigate risks related to fraud; |
- Enquiries of management and internal accounting staff as to whether they had knowledge of any actual, suspected or alleged fraud; |
- Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
The engagement team includes the audit partner, managers and staff who have extensive experience of working with companies in this sector, and this experience was relevant to the discussion about where fraud risks may arise. |
Risk communications |
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. |
Fraud risks |
As required by auditing standards we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular we considered the risk that revenue is recorded in the wrong period and the risk that the LLP's management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgments. |
Procedures to address fraud risks |
Our audit procedures included evaluating the design and implementation, and operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures including: |
- Review journal entries to supporting documentation and review for any unusual journal descriptions; |
- Assessing significant accounting estimates for bias; |
- Obtaining third party confirmations for all bank balances and material debtors and creditors balances; and |
- Assessing when revenue was recognised, particularly focusing on revenue recognised in the days before and after the year end date, and whether it was recognised in the correct year. |
Laws and regulations - Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations |
Risk assessment |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. For this risk assessment, matters considered included the following: |
- our general commercial sector experience; |
- discussion with the management of the LLP (as required by auditing standards); |
- inspection of the LLP's regulatory and legal correspondence; and |
- discussions with the members and other management about the policies and procedures regarding compliance with laws and regulations. |
Report of the Independent Auditors to the Members of |
Ayavo LLP |
Our work included understanding the facts and circumstances associated with the invasions of Ukraine by Russian Federation during the period and the effects of this military action upon LLP and its principal customers located in central and east Asian countries. |
Risk communications |
Our communication of laws and regulations risks was made throughout our team and we remained alert to any indications of non-compliance throughout the audit. |
Direct laws context and link to audit |
The potential effect of laws and regulations on the financial statements varies considerably. |
Firstly, the LLP is subject to laws and regulations that directly affect financial statements including: |
- financial reporting legislation (including related UK companies' legislation) |
- taxation legislation (direct and indirect) in the LLP's countries of operation. |
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Most significant indirect law/ regulation areas |
Secondly, the LLP is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or harm to the LLP's ability to operate. |
We identified the following laws as those most likely to have such an effect: |
- Fraud Act 2006 |
- Bribery Act 2010 |
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 |
- The Russia (Sanctions) (EU Exit) Regulations 2019 (Amended) |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Members and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of law or regulations is not disclosed to us or evident from relevant correspondence, our audit will not detect that breach. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Block E, 2nd Floor |
286a Chase Road |
London |
N14 6HF |
Ayavo LLP (Registered number: OC349430) |
Income Statement |
for the Year Ended 31 October 2022 |
31.10.22 | 31.10.21 |
Notes | $ | $ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Ayavo LLP (Registered number: OC349430) |
Other Comprehensive Income |
for the Year Ended 31 October 2022 |
31.10.22 | 31.10.21 |
Notes | $ | $ |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Ayavo LLP (Registered number: OC349430) |
Balance Sheet |
31 October 2022 |
31.10.22 | 31.10.21 |
Notes | $ | $ |
FIXED ASSETS |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
9,419,094 |
8,540,260 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
13 |
9,417,461 |
8,538,627 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 1,633 | 1,633 |
9,419,094 | 8,540,260 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 13 | 9,417,461 | 8,538,627 |
Members' other interests | 1,633 | 1,633 |
9,419,094 | 8,540,260 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Ayavo LLP (Registered number: OC349430) |
Reconciliation of Members' Interests |
for the Year Ended 31 October 2022 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
$ | $ | $ |
Balance at 1 November 2021 | 1,633 | - | 1,633 |
Profit for the financial year available for discretionary division among members |
- |
1,378,834 |
1,378,834 |
Members' interests after profit for the year | 1,633 | 1,378,834 | 1,380,467 |
Other divisions of profit | - | (1,378,834 | ) | (1,378,834 | ) |
Drawings | - | - | - |
Balance at 31 October 2022 | 1,633 | - | 1,633 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
$ | $ |
Amount due to members | 8,538,627 |
Amount due from members | - |
Balance at 1 November 2021 | 8,538,627 | 8,540,260 |
Profit for the financial year available for discretionary division among members |
- |
1,378,834 |
Members' interests after profit for the year | 8,538,627 | 9,919,094 |
Other divisions of profit | 1,378,834 | - |
Drawings | (500,000 | ) | (500,000 | ) |
Amount due to members | 9,417,461 |
Amount due from members | - |
Balance at 31 October 2022 | 9,417,461 | 9,419,094 |
Ayavo LLP (Registered number: OC349430) |
Reconciliation of Members' Interests |
for the Year Ended 31 October 2022 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
$ | $ | $ |
Balance at 1 November 2020 | 1,633 | - | 1,633 |
Profit for the financial year available for discretionary division among members |
- |
474,016 |
474,016 |
Members' interests after profit for the year | 1,633 | 474,016 | 475,649 |
Other divisions of profit | - | (474,016 | ) | (474,016 | ) |
Balance at 31 October 2021 | 1,633 | - | 1,633 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
$ | $ |
Amount due to members | 8,064,611 |
Amount due from members | - |
Balance at 1 November 2020 | 8,064,611 | 8,066,244 |
Profit for the financial year available for discretionary division among members |
- |
474,016 |
Members' interests after profit for the year | 8,064,611 | 8,540,260 |
Other divisions of profit | 474,016 | - |
Amount due to members | 8,538,627 |
Amount due from members | - |
Balance at 31 October 2021 | 8,538,627 | 8,540,260 |
Ayavo LLP (Registered number: OC349430) |
Cash Flow Statement |
for the Year Ended 31 October 2022 |
31.10.22 | 31.10.21 |
Notes | $ | $ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Transactions with members and former | members |
Payments to members | (500,000 | ) | - |
Net cash from financing activities | (500,000 | ) | - |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
5,792,468 |
Cash and cash equivalents at end of year | 2 | 4,294,265 |
Ayavo LLP (Registered number: OC349430) |
Notes to the Cash Flow Statement |
for the Year Ended 31 October 2022 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
31.10.22 | 31.10.21 |
$ | $ |
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
1,378,834 |
474,016 |
Finance income | (23,196 | ) | (11,995 | ) |
1,355,638 | 462,021 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
$ | $ |
Cash and cash equivalents | 4,300,658 | 4,294,265 |
Bank overdrafts | ( |
) |
4,300,540 | 4,294,265 |
Year ended 31 October 2021 |
31.10.21 | 1.11.20 |
$ | $ |
Cash and cash equivalents | 4,294,265 | 5,792,468 |
Ayavo LLP (Registered number: OC349430) |
Notes to the Cash Flow Statement |
for the Year Ended 31 October 2022 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.11.21 | Cash flow | changes | At 31.10.22 |
$ | $ | $ | $ |
Net cash |
Cash at bank |
and in hand | 4,294,265 | 6,393 | 4,300,658 |
Bank overdrafts | - | (118 | ) | (118 | ) |
4,294,265 | 4,300,540 |
Net funds (before |
members' debt) | 4,294,265 | 6,275 | - | 4,300,540 |
Loans and other debts |
due to members |
Other amounts |
due to members | (8,538,627 | ) | 500,000 | (1,378,834 | ) | (9,417,461 | ) |
Net debt | (4,244,362 | ) | 506,275 | (1,378,834 | ) | (5,116,921 | ) |
Ayavo LLP (Registered number: OC349430) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
1. | STATUTORY INFORMATION |
Ayavo LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), Companies Act 2006 as applied by LLPs and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships, issued in July 2014. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. |
The financial statements are presented in US Dollars ($). |
Going concern |
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. The revenue is recognised after delivery of cargo to the final destination as confirmed by waybill documents. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Ayavo LLP (Registered number: OC349430) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the LLP's statement of financial position when the LLP cbecomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets and liabilities |
Basic financial assets, and liabilities are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Classification of financial liabilities |
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 LLP after deducting all of its liabilities. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Taxation |
Tax to be paid on the profits arising in the LLP is a personal tax liability of the members of the LLP and therefore is not included as a tax charge or provision within these financial statements. |
3. | EMPLOYEE INFORMATION |
31.10.22 | 31.10.21 |
$ | $ |
Wages and salaries |
The average number of employees during the year was as follows: |
31.10.22 | 31.10.21 |
Management |
Ayavo LLP (Registered number: OC349430) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.10.22 | 31.10.21 |
$ | $ |
Foreign exchange differences |
5. | AUDITORS' REMUNERATION |
31.10.22 | 31.10.21 |
$ | $ |
Fees payable to the LLP's auditors for the audit of the LLP's financial statements |
20,125 |
17,005 |
6. | INFORMATION IN RELATION TO MEMBERS |
31.10.22 | 31.10.21 |
$ | $ |
The amount of profit attributable to the member with the largest entitlement was | 689,417 |
237,008 |
31.10.22 | 31.10.21 |
The average number of members during the year was | 2 | 2 |
7. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
31.10.22 | 31.10.21 |
$ | $ |
Trade investments | 2 | 2 |
8. | STOCKS |
31.10.22 | 31.10.21 |
$ | $ |
Stocks |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
$ | $ |
Trade debtors |
Other debtors |
Loans | 710,758 | 164,880 |
Prepayments and accrued income |
Prepayments |
Ayavo LLP (Registered number: OC349430) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
$ | $ |
Bank loans and overdrafts (see note 11) |
Trade creditors |
Other creditors |
Accrued expenses |
11. | LOANS |
An analysis of the maturity of loans is given below: |
31.10.22 | 31.10.21 |
$ | $ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.22 | 31.10.21 |
$ | $ |
Bank overdraft |
Included in Loans falling due within one year is a bank overdraft balance of $118 that is secured by way of a charge against the LLP's securities and assets in all accounts held with the bank. |
13. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.10.22 | 31.10.21 |
$ | $ |
Amounts owed to members in respect of profits | 9,412,129 | 8,533,295 |
Other | 5,332 | 5,332 |
9,417,461 | 8,538,627 |
Falling due within one year | 9,412,129 | 8,533,295 |
Falling due after more than one year | 5,332 | 5,332 |
9,417,461 | 8,538,627 |
14. | RELATED PARTY DISCLOSURES |
31.10.22 | 31.10.21 |
$ | $ |
Cost of sales |
Loans receivable | 710,758 | 164,880 |
Interest receivable | 23,196 | 14,880 |
Interest payable | 37,603 | - |
Recognised bad or doubtful debts due from related parties |
Ayavo LLP (Registered number: OC349430) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
14. | RELATED PARTY DISCLOSURES - continued |
31.10.22 |
31.10.21 |
$ | $ |
Amount due from Koent Investments LLP | 176,880 | 164,880 |
Amount due from Yutas Trading DMCC | 533,878 | - |
15. | ULTIMATE CONTROLLING PARTY |
The LLP was under the control of its members, Starship International Industries Ltd and Trans Yula Limited. |
During the year under review the ultimate controlling party was Mr D Davletyarov. |