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Registration number: 10780441

Avana 1697 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Avana 1697 Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 7

 

Avana 1697 Limited

Company Information

Directors

Mr Daryl Vincent Hine

Ms Claire Sabrina Taylor

Mr Jonathan Mark Gain

Company secretary

Tricor Corporate Secretaries Limited

Registered office

C/o Stellar Asset Management Limited
20 Chapel Street
Liverpool
L3 9AG

 

Avana 1697 Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Daryl Vincent Hine

Ms Claire Sabrina Taylor

Mr Jonathan Mark Gain

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr Jonathan Mark Gain
Director

 

Avana 1697 Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

-

-

Gross profit/(loss)

 

-

-

Administrative expenses

 

(9,300)

(9,222)

Operating loss

 

(9,300)

(9,222)

Loss before tax

(9,300)

(9,222)

Tax on loss

 

-

(7,031)

Loss for the financial year

 

(9,300)

(16,253)

The above results were derived from continuing operations.

 

Avana 1697 Limited

(Registration number: 10780441)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

fixed assets

 

Interest in partnerships

3

585,952

524,610

Current assets

 

Cash at bank and in hand

 

939,328

905,436

Net assets

 

1,525,280

1,430,046

capital and reserves

 

Called up share capital

4

1,413,963

1,413,963

Revaluation reserve

13,353

(91,181)

Profit and loss account

97,964

107,264

Shareholders' funds

 

1,525,280

1,430,046

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr Jonathan Mark Gain
Director

 

Avana 1697 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Avana 1697 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investments

Classification
The company classifies its investments in partnerships as financial assets at fair value through profit or loss.

Investments designated at fair value through profit or loss at inception are financial instruments that are not classified as held for trading but are managed, and their performance is evaluated on a fair value basis in accordance with the investment strategy of the Company.

Recognition, derecognition and measurement
Regular purchases and sales of investments are recognised on the trade date - the date on which the Company commits to purchase or sell the investment. Investments at fair value through profit or loss are initially reconigsed at fair value. Transaction costs are expensed as incurred in the statement of profit or loss.

Investments are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership.

Subsquent to initial recognistion, all investments at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of of the financial assets are presented in the Statement of Comprehensive Income within fair value movements in the period in which they arise.

The partnerships in which the company invest are not traded in an active market and their fair value is determined by using the Net Asset Value (NAV) of the partnerships at any given date, being the best estimate of the amount that the investment will realise. The directors believe that this is indicative of the fair value of the Company's share of the partnerships.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Avana 1697 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Investments

2024
£

2023
£

Interest in partnerships

585,952

524,610

4

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.50 each

1,413,963

706,982

1,413,963

706,982