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COMPANY REGISTRATION NUMBER: 07600740
AVL Reach Limited
Filleted Unaudited Financial Statements
31 December 2023
AVL Reach Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
AVL Reach Limited
Officers and Professional Advisers
Director
M Mykhalevskyi
Registered office
International House
142 Cromwell Road
London
UK
SW7 4EF
Accountants
Higgins Fairbairn & Co
Chartered accountants
4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
AVL Reach Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
5
625,843
631,037
Current assets
Stocks
3,036
3,098
Debtors
6
1,075,194
2,015,076
Cash at bank and in hand
51,072
9,944
------------
------------
1,129,302
2,028,118
Creditors: amounts falling due within one year
7
1,253,825
2,159,978
------------
------------
Net current liabilities
124,523
131,860
---------
---------
Total assets less current liabilities
501,320
499,177
Creditors: amounts falling due after more than one year
8
129,392
132,009
---------
---------
Net assets
371,928
367,168
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
361,928
357,168
---------
---------
Shareholders funds
371,928
367,168
---------
---------
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.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AVL Reach Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
M Mykhalevskyi
Director
Company registration number: 07600740
AVL Reach Limited
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 International House, 142 Cromwell Road, London, SW7 4EF, UK.
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 presentational currency of the entity.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, in respect of principal activity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tax on profit/(loss)
Major components of tax expense/(income)
2023
2022
£
£
Current tax:
UK current tax expense/(income)
1,116
( 35)
-------
----
Tax on profit/(loss)
1,116
( 35)
-------
----
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is the same as (2022: the same as) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit/(loss) on ordinary activities before taxation
5,876
( 185)
-------
----
Profit/(loss) on ordinary activities by rate of tax
1,116
( 35)
-------
----
5. Investments
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost
At 1 January 2023
369,044
261,993
631,037
Other movements
( 5,194)
( 5,194)
---------
---------
---------
At 31 December 2023
369,044
256,799
625,843
---------
---------
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
---------
---------
Carrying amount
At 31 December 2023
369,044
256,799
625,843
---------
---------
---------
At 31 December 2022
369,044
261,993
631,037
---------
---------
---------
This includes an investment in unlisted 100% membership units of Pluton Polska Sp. Z o o, a company registered in Poland.
6. Debtors
2023
2022
£
£
Trade debtors
766,229
1,237,059
Other debtors
308,965
778,017
------------
------------
1,075,194
2,015,076
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
478,580
51,820
Corporation tax
1,083
Other creditors - B.prime Capital Limited
612,841
695,768
Other creditors
161,321
1,412,390
------------
------------
1,253,825
2,159,978
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
129,392
132,009
---------
---------
9. Related party transactions
Interest of £26,064 (2022: £25,536) was charged by B.prime Capital Ltd, a company owned by Mr. Mykhailo Mykhalevskyi. In this connection, a loan creditor of £612,841 (2022: £695,768) remains outstanding at the year end. Director's fee of £5,002 (2022: £2,122) was charged by Mykhailo Mykhalevski, the sole shareholder and director of the company during the year. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.