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COMPANY REGISTRATION NUMBER: 11339869
AVA Experience Limited
Filleted Unaudited Financial Statements
31 December 2023
AVA Experience Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
11,262
24,141
Tangible assets
6
806
2,740
--------
--------
12,068
26,881
Current assets
Stocks
31,133
48,530
Debtors
7
255,552
208,389
Cash at bank and in hand
112,589
201,420
---------
---------
399,274
458,339
Creditors: amounts falling due within one year
8
51,453
115,847
---------
---------
Net current assets
347,821
342,492
---------
---------
Total assets less current liabilities
359,889
369,373
Creditors: amounts falling due after more than one year
9
3,751
6,179
---------
---------
Net assets
356,138
363,194
---------
---------
Capital and reserves
Called up share capital
3
3
Share premium account
571,651
571,651
Profit and loss account
( 215,516)
( 208,460)
---------
---------
Shareholders funds
356,138
363,194
---------
---------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AVA Experience 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:
C J B Smith
Director
Company registration number: 11339869
AVA Experience 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 Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents commissions receivable, stated net of discounts and of Value Added Tax.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Computer equipment
-
33% straight line
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.
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
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 4 ).
5. Intangible assets
Website development
£
Cost
At 1 January 2023 and 31 December 2023
85,445
--------
Amortisation
At 1 January 2023
61,304
Charge for the year
12,879
--------
At 31 December 2023
74,183
--------
Carrying amount
At 31 December 2023
11,262
--------
At 31 December 2022
24,141
--------
6. Tangible assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
2,144
9,499
11,643
-------
-------
--------
Depreciation
At 1 January 2023
1,385
7,518
8,903
Charge for the year
536
1,398
1,934
-------
-------
--------
At 31 December 2023
1,921
8,916
10,837
-------
-------
--------
Carrying amount
At 31 December 2023
223
583
806
-------
-------
--------
At 31 December 2022
759
1,981
2,740
-------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
9,996
6,870
Amounts owed by group undertakings and undertakings in which the company has a participating interest
195,798
152,912
Other debtors
49,758
48,607
---------
---------
255,552
208,389
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,429
2,369
Trade creditors
20,479
76,866
Social security and other taxes
10,572
11,751
Other creditors
17,973
24,861
--------
---------
51,453
115,847
--------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,751
6,179
-------
-------
10. Share options
The total number of options granted under the Unapproved Share Option Plan (USOP) which remain unexercised at the year end were 38,650 (2022: 38,650).