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COMPANY REGISTRATION NUMBER: 08155462
Avensys Investments Ltd
Filleted Financial Statements
31 December 2023
Avensys Investments Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
1
1
Current assets
Debtors
5
429
Cash at bank and in hand
533,268
2,594,649
---------
------------
533,268
2,595,078
Creditors: amounts falling due within one year
6
1,816,912
3,816,912
------------
------------
Net current liabilities
1,283,644
1,221,834
------------
------------
Total assets less current liabilities
( 1,283,643)
( 1,221,833)
------------
------------
Net liabilities
( 1,283,643)
( 1,221,833)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 1,283,743)
( 1,221,933)
------------
------------
Shareholder deficit
( 1,283,643)
( 1,221,833)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
Mr T Lalvani
Director
Company registration number: 08155462
Avensys Investments Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Apsley Way, London, NW2 7HF, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis, not withstanding the net liabilities of £1,283,643 on the basis that Vitabitoics Limited, the company's immediate parent company has provided the company with an undertaking that it will not seek repayment of its dues for the foreseeable future.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
1
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
1
----
At 31 December 2022
1
----
5. Debtors
2023
2022
£
£
Other debtors
429
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,000,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,813,012
1,813,012
Other creditors
3,900
3,900
------------
------------
1,816,912
3,816,912
------------
------------
7. Summary audit opinion
The auditor's report dated 10 September 2024 was unqualified .
The senior statutory auditor was Sonia Yeshin BFP FCA , for and on behalf of Leaman Mattei .
8. Related party transactions
The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group.
9. Controlling party
The immediate parent undertaking and the smallest and largest group to consolidate these financial statements is Vitabiotics Limited, a company registered in England and Wales. Copies of the Vitabiotics Limited consolidated financial statements are publically available at Companies House. The directors consider the ultimate controlling parent undertaking to be Vitabiotics Group Holdings Limited, a company incorporated in the British Virgin Islands.