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REGISTERED NUMBER: 07347748 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Avesi Limited

Avesi Limited (Registered number: 07347748)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Avesi Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Armour
K W Yu





SECRETARY: M J Garrett





REGISTERED OFFICE: 1 Benjamin Street
London
EC1M 5QL





REGISTERED NUMBER: 07347748 (England and Wales)

Avesi Limited (Registered number: 07347748)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 792,026 848,266

CURRENT ASSETS
Debtors 6 297,132 40,163
Cash at bank 191,344 429,037
488,476 469,200
CREDITORS
Amounts falling due within one year 7 346,829 305,030
NET CURRENT ASSETS 141,647 164,170
TOTAL ASSETS LESS CURRENT
LIABILITIES

933,673

1,012,436

CREDITORS
Amounts falling due after more than one
year

8

979,599

1,068,059
NET LIABILITIES (45,926 ) (55,623 )

CAPITAL AND RESERVES
Called up share capital 9 1,023 1,023
Share premium 104 104
Capital redemption reserve 512 512
Retained earnings (47,565 ) (57,262 )
SHAREHOLDERS' FUNDS (45,926 ) (55,623 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Avesi Limited (Registered number: 07347748)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





K W Yu - Director


Avesi Limited (Registered number: 07347748)

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

1. STATUTORY INFORMATION

Avesi Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company operates across a number of sites and does not have one singular place of business.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There are no material departures from this standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover for the period represents sale of electricity and Feed in Tariffs net of any applicable Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 4% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
At the year end, the company has net liabilities of £45,926 (2022: £55,623). The company is expected to continue to trade profitably before depreciation and amortisation of the loan stock discount The company has adequate resources to continue in operational existence for at least 12 months after the date of singing the financial statements. Therefore the financial statements have been prepared on the going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Avesi Limited (Registered number: 07347748)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 1,406,038
DEPRECIATION
At 1 January 2023 557,772
Charge for year 56,240
At 31 December 2023 614,012
NET BOOK VALUE
At 31 December 2023 792,026
At 31 December 2022 848,266

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 252,426 -
VAT 2,371 -
Prepayments and accrued income 42,335 40,163
297,132 40,163

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 35,581 3,599
VAT - 893
Accrued interest and expenses 311,248 300,538
346,829 305,030

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Loan stock 979,599 1,068,059

Avesi Limited (Registered number: 07347748)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Loan stock has been issued by the company as follows:

Issue datePrincipalIssue price

January 2011£400,000£268,000
March 2012£1,150,000£770,500
February 2015£80,000£80,000
£1,630,000£1,118,500

£1,550,000 loan stock has a 20 year term from April 2012 and is repayable in monthly instalments after the fifth anniversary of issue. The discount is being amortised over 19 years.
The cumulative amortisation at 31 December 2023 was £297,868 (2022: £270,947).
£80,000 loan stock is redeemable on 31 December 2035. The loan stock is secured on the assets of the company. In the year £88,460 (2022: £80,713) of principal was repaid by the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
51,156 Ordinary 1p 512 512
51,156 A Ordinary 1p 511 511
1,023 1,023

10. RELATED PARTY DISCLOSURES

Loan stock of £1,630,000 referred to in note 10 was issued to certain shareholders of the company. Interest payable on the loan stock during the year amounted to £102,413 (2022: £110,160). Loan interest of £279,330 (2022: £279,330) was accrued at the balance sheet date. During the current and preceding period the company recognised subscription discounts of £26,921.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Armour by virtue of his shareholdings.