REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Avakas Developments Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | 13 | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
Plant and machinery etc | - |
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 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Taxation and social security |
Other creditors |
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: | £ | £ |
Ordinary | £1.00 | 2 | 2 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Profit for the year |
Distribution, Group waiver | ( |
) |
At 31 December 2023 | ( |
) |
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 |
Distribution, Group waiver | ( |
) | ( |
) |
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 | ) |