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REGISTERED NUMBER: 07619116 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

AVALAKE LIMITED

AVALAKE LIMITED (REGISTERED NUMBER: 07619116)






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


AVALAKE LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Dr B Donepudi
Dr E N U Ifionu
S Seow





SECRETARY: Mrs G Lewis





REGISTERED OFFICE: Chesterfield Drive Practice
29 Chesterfield Drive
Ipswich
Suffolk
IP1 6DW





REGISTERED NUMBER: 07619116 (England and Wales)





ACCOUNTANTS: LDP Luckmans
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

AVALAKE LIMITED (REGISTERED NUMBER: 07619116)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 435,721 515,821
Tangible assets 5 41,352 49,932
Investments 6 - -
477,073 565,753

CURRENT ASSETS
Stocks 181,614 162,164
Debtors 7 893,305 344,909
Cash at bank 487,484 714,498
1,562,403 1,221,571
CREDITORS
Amounts falling due within one year 8 637,071 529,596
NET CURRENT ASSETS 925,332 691,975
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,402,405

1,257,728

CREDITORS
Amounts falling due after more than one
year

9

(455,797

)

(490,199

)

PROVISIONS FOR LIABILITIES (7,012 ) (7,001 )
NET ASSETS 939,596 760,528

CAPITAL AND RESERVES
Called up share capital 12 120 120
Retained earnings 939,476 760,408
SHAREHOLDERS' FUNDS 939,596 760,528

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.

AVALAKE LIMITED (REGISTERED NUMBER: 07619116)

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 20 September 2024 and were signed on its behalf by:





S Seow - Director


AVALAKE LIMITED (REGISTERED NUMBER: 07619116)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Avalake 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.

2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about Avalake Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
The policies adopted for the recognition of turnover are as follows:-

NHS Income

NHS income is recognised in line with statements FP34. Adjustments are made for any income earned but not yet received.

Over the counter (OTC) sales

OTC sales are recorded as per till records and are therefore recognised at point of sale.

Goodwill
Goodwill, relating to the acquisition of businesses with various acquisition dates, is being amortised over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


AVALAKE LIMITED (REGISTERED NUMBER: 07619116)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 801,000
AMORTISATION
At 1 January 2023 285,179
Amortisation for year 80,100
At 31 December 2023 365,279
NET BOOK VALUE
At 31 December 2023 435,721
At 31 December 2022 515,821

AVALAKE LIMITED (REGISTERED NUMBER: 07619116)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 55,039 21,801 21,897 6,375 105,112
DEPRECIATION
At 1 January 2023 28,242 15,416 8,704 2,818 55,180
Charge for year 2,752 1,596 2,639 1,593 8,580
At 31 December 2023 30,994 17,012 11,343 4,411 63,760
NET BOOK VALUE
At 31 December 2023 24,045 4,789 10,554 1,964 41,352
At 31 December 2022 26,797 6,385 13,193 3,557 49,932

6. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Soni & Virdee Limited
Registered office: 29 Chesterfield Drive, Ipswich IP1 6DW
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

The cost of the investment was impaired to NIL in 2021.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 286,490 285,486
Other debtors 462,815 52,247
Directors' current accounts 37,500 -
Prepayments 106,500 7,176
893,305 344,909

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,353 29,244
Hire purchase contracts (see note 10) 4,049 4,187
Trade creditors 494,593 446,245
Tax 80,838 27,587
Social security and other taxes 15,997 10,526
Other creditors 5,811 3,855
Accrued expenses 5,430 7,952
637,071 529,596

AVALAKE LIMITED (REGISTERED NUMBER: 07619116)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 28,834 30,353
Bank loans - 2-5 years 221,798 211,118
Bank loans more 5 yr by instal 205,165 244,679
Hire purchase contracts (see note 10) - 4,049
455,797 490,199

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 205,165 244,679

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,049 4,187
Between one and five years - 4,049
4,049 8,236

Non-cancellable operating leases
2023 2022
£    £   
Within one year 43,500 43,500
Between one and five years 174,000 174,000
In more than five years 179,625 223,125
397,125 440,625

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 486,150 515,394

The bank loan is secured by a debenture granted by the Entity for the benefit of Barclays Bank UK PLC and Barclays Bank PLC.

AVALAKE LIMITED (REGISTERED NUMBER: 07619116)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30 Ordinary A Shares £1 30 30
90 Ordinary B Shares £1 90 90
120 120

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Dr B Donepudi
Balance outstanding at start of year - -
Amounts advanced 37,500 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 37,500 -

Interest is charged at the prevailing HMRC rate.

14. POST BALANCE SHEET EVENTS

The Company acquired two further pharmacies post year end, on 15th March 2024 and 18th April 2024.
A £100,000 deposit had been made on the former acquisition prior to the year end.