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Registered number: 09469079 (England and Wales)














AVIRAT, LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AVIRAT, LTD
 
 
COMPANY INFORMATION


Directors
J Kissoon 
B Spero 
N Van Wagner 




Registered number
09469079



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
AVIRAT, LTD
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
AVIRAT, LTD
REGISTERED NUMBER:09469079

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,780
7,545

  
9,780
7,545

Current assets
  

Debtors: amounts falling due within one year
 5 
28,089
12,668

Bank and cash balances
  
309,755
213,799

  
337,844
226,467

Creditors: amounts falling due within one year
 6 
(725,218)
(614,140)

Net current liabilities
  
 
 
(387,374)
 
 
(387,673)

Total assets less current liabilities
  
(377,594)
(380,128)

  

Net liabilities
  
(377,594)
(380,128)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(377,595)
(380,129)

  
(377,594)
(380,128)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N Van Wagner
Director

Date: 9 September 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
AVIRAT, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

The directors have considered the working capital requirements of the Company for a period of 12 months from the approval of these financial statements. The Company is in a net liability position as at the year end. This is mainly due to an intercompany balance due to the parent company, OurFamilyWizard, LLC. As such, the Company has received written confirmation from its parent company, that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements.
In making their assessment, the directors have considered future budgets and forecasts available for the parent company, to conclude that they are able to provide the necessary financial support. Based on the anticipated future financial performance, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 2

 
AVIRAT, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
The Company recognises turnover from subscription sales to third parties.

Rendering of services

Turnover is recognised in the period in which the subscription services are provided to the customer and when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the subscription;
the stage of completion of the subscription at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the subscription can be measured reliably.

 
1.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
AVIRAT, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.8

Debtors

Debtors are measured at transaction price.

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.10

Creditors

Creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 3 (2022 - 2).

Page 4

 
AVIRAT, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
12,020


Additions
6,521



At 31 December 2023

18,541



Depreciation


At 1 January 2023
4,475


Charge for the year on owned assets
4,286



At 31 December 2023

8,761



Net book value



At 31 December 2023
9,780



At 31 December 2022
7,545


5.


Debtors

2023
2022
£
£


Trade debtors
-
5,652

Other debtors
8,688
4,804

Prepayments and accrued income
19,401
2,212

28,089
12,668


Page 5

 
AVIRAT, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,012
7,434

Amounts owed to group undertakings
385,193
372,588

Other taxation and social security
23,118
17,682

Other creditors
838
925

Accruals and deferred income
315,057
215,511

725,218
614,140



7.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than one year
17,457
5,530

17,457
5,530


8.


Controlling party

OurFamilyWizard, LLC is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 701 North Washington Ave. Suite 700, Minneapolis, MN 55401, USA.


9.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved. 

 
Page 6