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Registration number: 11014884

Ayanda Capital Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

Ayanda Capital Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Ayanda Capital Limited

Company Information

Director

Mr TP Horlick

Registered office

26 High Street
Rickmansworth
WD3 1ER

Accountants

DJM Accountants BLJ Limited
26 High Street
Rickmansworth
WD3 1ER

 

Ayanda Capital Limited

(Registration number: 11014884)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,771,963

2,061,010

Tangible assets

5

21,361

27,101

Investments

6

5,000,000

5,000,000

Other financial assets

7

9,127,287

11,913,563

 

15,920,611

19,001,674

Current assets

 

Debtors

10,597,523

11,206,186

Cash at bank and in hand

 

935,236

731,499

 

11,532,759

11,937,685

Creditors: Amounts falling due within one year

(7,989,997)

(10,232,548)

Net current assets

 

3,542,762

1,705,137

Total assets less current liabilities

 

19,463,373

20,706,811

Accruals and deferred income

 

(464,000)

(318,823)

Net assets

 

18,999,373

20,387,988

Capital and reserves

 

Called up share capital

8

510,000

510,000

Revaluation reserve

107,673

107,673

Retained earnings

18,381,700

19,770,315

Shareholders' funds

 

18,999,373

20,387,988

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.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Ayanda Capital Limited

(Registration number: 11014884)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the director on 28 June 2024
 

Mr TP Horlick
Director

   
     
 

Ayanda Capital Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26 High Street
Rickmansworth
WD3 1ER

These financial statements were authorised for issue by the director on 28 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged 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).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Ayanda Capital Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% on reducing balance

Office equipment

25% on reducing balance

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

5% per annum over a straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Ayanda Capital Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 4).

 

Ayanda Capital Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

2,890,474

At 31 December 2023

2,890,474

Amortisation

At 1 January 2023

829,464

Amortisation charge

289,047

At 31 December 2023

1,118,511

Carrying amount

At 31 December 2023

1,771,963

At 31 December 2022

2,061,010

The aggregate amount of research and development expenditure recognised as an expense during the period is £8,309 (2022 - £706,323).
 

 

Ayanda Capital Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

65,643

65,643

At 31 December 2023

65,643

65,643

Depreciation

At 1 January 2023

38,542

38,542

Charge for the year

5,740

5,740

At 31 December 2023

44,282

44,282

Carrying amount

At 31 December 2023

21,361

21,361

At 31 December 2022

27,101

27,101

6

Investments

Total
£

Cost or valuation

At 1 January 2023

5,000,000

Provision

Carrying amount

At 31 December 2023

5,000,000

At 31 December 2022

5,000,000

2023
£

2022
£

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Ayanda Capital Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Iron Enterprises Limited

26 High Street
Rickmansworth
Herts WD3 1ER

England

Ordinary shares

100%

100%

Subsidiary undertakings

Iron Enterprises Limited

The principal activity of Iron Enterprises Limited is that of venture and development capital.

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

11,913,563

11,913,563

Additions

1,056,981

1,056,981

Disposals

(3,843,257)

(3,843,257)

At 31 December 2023

9,127,287

9,127,287

Impairment

Carrying amount

At 31 December 2023

9,127,287

9,127,287

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

510,000

510,000

510,000

510,000

       
 

Ayanda Capital Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Summary of transactions with parent

Milo Investments Limited
 

Loans to related parties

2023

Parent
£

Other related parties
£

Total
£

At start of period

2,501,080

6,576,214

9,077,294

Advanced

422,019

-

422,019

Repaid

-

(1,719,653)

(1,719,653)

At end of period

2,923,099

4,856,561

7,779,660

2022

Parent
£

Other related parties
£

Total
£

At start of period

967,665

10,450,587

11,418,252

Advanced

1,533,415

-

1,533,415

Repaid

-

(3,874,373)

(3,874,373)

At end of period

2,501,080

6,576,214

9,077,294

10

Parent and ultimate parent undertaking

The ultimate controlling interest is held by Horlick family who holds 100% of the share capital of the parent company.

 The company's immediate parent is Milo Investments Limited, incorporated in Mauritius.