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REGISTERED NUMBER: 07438018 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Avakas Developments Limited

Avakas Developments Limited (Registered number: 07438018)






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


Avakas Developments Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J A Macedo
J Tyler
G N McLean





REGISTERED OFFICE: Unit 7
Mulberry Place
Pinnell Road
Eltham
London
SE9 6AR





REGISTERED NUMBER: 07438018 (England and Wales)





ACCOUNTANTS: Nichols & Co ( Accountancy ) Limited
Chartered Accountants
Unit 7
Mulberry Place
Pinnell Road
Eltham
London
SE9 6AR

Avakas Developments Limited (Registered number: 07438018)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
FIXED ASSETS
Tangible assets 4 - -
Investments 5 13 13
13 13

CURRENT ASSETS
Stocks 100 272,542
Debtors 6 22,238 21,454
Cash at bank 11,603 46,908
33,941 340,904
CREDITORS
Amounts falling due within one year 7 (277,540 ) (595,102 )
NET CURRENT LIABILITIES (243,599 ) (254,198 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(243,586

)

(254,185

)

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 10 (243,588 ) (254,187 )
SHAREHOLDERS' FUNDS 13 (243,586 ) (254,185 )

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.

Avakas Developments Limited (Registered number: 07438018)

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 23 September 2024 and were signed on its behalf by:





G N McLean - Director


Avakas Developments Limited (Registered number: 07438018)

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

1. STATUTORY INFORMATION

Avakas Developments 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 as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Avakas Developments 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
Turnover represents rent received from tenanted properties held as long-term investments and disposal of properties held for its development potential.

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 etc - 25% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

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

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.

Avakas Developments Limited (Registered number: 07438018)

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

2. ACCOUNTING POLICIES - continued

GOING CONCERN
The financial statements for the period ended 31st December 2023 have been prepared on going concern basis. In the opinion of the directors, the company will continue trading for at least 12 months from the balance sheet date.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023
and 31 December 2023 1,826
DEPRECIATION
At 1 January 2023
and 31 December 2023 1,826
NET BOOK VALUE
At 31 December 2023 -

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 13
NET BOOK VALUE
At 31 December 2023 13
At 31 December 2022 13

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade debtors 8,602 8,704
Other debtors 13,636 12,750
22,238 21,454

Avakas Developments Limited (Registered number: 07438018)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade creditors 30,541 20,305
Taxation and social security - 103
Other creditors 246,999 574,694
277,540 595,102

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£ £
Other creditors 50,000 210,000

The above loans are secured by means of legal charges over the company's properties. The Director has given a personal guarantee in respect of loans included in Other Creditors totalling £50,000 (2022: £210,000).

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
2 Ordinary £1.00 2 2

10. RESERVES
Retained
earnings
£

At 1 January 2023 (254,187 )
Profit for the year 11,460
Distribution, Group waiver (861 )
At 31 December 2023 (243,588 )

Avakas Developments Limited (Registered number: 07438018)

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

11. RELATED PARTY DISCLOSURES

During the year Mr J Tyler, director of the company, had following loans with the company.

Mr J Tyler had a loan facility with the company of £3,650,000 in 2019. The agreed interest rate is 15%. This is a secured loan. Mr and Mrs Macedo have also provided a personal guarantee in respect of 50% of this loan.

At the balance sheet date, the company owed Mr J Tyler £50,000 (2022: £210,000) of this facility. This is included in Other Creditors due in less than one year.

During the year, Mr J Tyler agreed to waive £Nil (2022 - £535,020) of this loan facility. An additional £Nil (2022 - £535,019) was agreed to be paid to Mr J Tyler by Mr and Mrs Macedo with respect to the personal guarantee provided against this loan facility. The total amount of £Nil (2022 - £1,070,039) is credited to the profit and loss account.

At the balance sheet date the following amounts were owed by the company and included in Other Creditors:
Amounts owed to other companies in the group:

Exodus Fund Holding Ltd - £28,189 (2022: £28,453)
Exodus Fund Ltd - £108,491 (2022: £110,309)

At the balance sheet date, the following amounts were owed to the company by wholly owned subsidiaries and are included within Other Debtors:

102 Fleet Road Management Ltd - £2,064 (2022: £1,835)
106-108 Fleet Road Ltd - £1,232 (2022: £1,192)

At the balance sheet date the following amounts were owed to the company by other companies in the group and are included within Other Debtors:

Aventier Developments Ltd - £70 (2022: £70)
Aventier Holding Ltd - £3,322 (2022: £2,748)
Aventier Ltd (formerly Aventier Landbank 2 Ltd) - £Nil (2022: £Nil)

During the year, it was agreed that the balance due to the company by Aventier Ltd (formerly Aventier Landbank 2 Ltd) was acquired by Mr J Macedo and Mr J Tyler in equal share.

At the Balance Sheet date, Mrs C Macedo has a balance outstanding with the company of £1,241 (2022: £1,241).

During the year, the parent company made a decision to waive the following inter-group balances:

Avakas Construction Ltd - £424 owed to the company
Exodus Build Ltd (formerly Aventier Build Ltd) - £437 owed to the company

The balance owed by the company is credited to retained earnings as a capital contribution from the parent
company. The balances owed to the company are debited to retained earnings as capital distribution to the
parent company. The effect of these adjustments is shown on notes 'Reserves' and 'Reconciliation of movements in shareholders' funds'.

Exodus Fund Holding Ltd, a company incorporated in Cyprus, is the parent company of:
- Exodus Fund Ltd, a company incorporated in Cyprus
- Aventier Holding Ltd, a company incorporated in Cyprus
- Avakas Developments Ltd
- A minority shareholder in Aventier Holding Ltd.

Aventier Developments Ltd is a wholly owned subsidiary of Aventier Holding Ltd.

Avakas Developments Ltd is the parent company of 102 Fleet Road Management Ltd and 106-108 Fleet Road Ltd.

Avakas Developments Limited (Registered number: 07438018)

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

12. ULTIMATE CONTROLLING PARTY

JA Macedo, C Macedo and J Tyler are deemed to be the controlling party by virtue of their shareholding in the parent company.

Exodus Fund Holding Ltd (formerly Exodus Fund 1 Limited), a company incorporated and registered in Cyprus
(Company Number HE349977), is the ultimate parent company.

13. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31.12.23 31.12.22
£ £
Profit for the financial year 11,460 1,355,254
Distribution, Group waiver (861 ) (21,989 )
Capital contribution from parent
Net addition to shareholders' funds 10,599 1,333,265
Opening shareholders' funds (254,185 ) (1,587,450 )
Closing shareholders' funds (243,586 ) (254,185 )