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REGISTERED NUMBER: 09820738 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

FOR

AVAMORE CAPITAL LIMITED

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Consolidated Income Statement 4

Consolidated Balance Sheet 5

Company Balance Sheet 6

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


AVAMORE CAPITAL LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024







DIRECTORS: M R Dean
Z U Mirza
P A Gould
D J Zaprzala
E E Barnett
M Foley





REGISTERED OFFICE: Cannon Place
78 Cannon Street
London
EC4N 6HL





REGISTERED NUMBER: 09820738 (England and Wales)





ACCOUNTANTS: A.R. Lee & Co.
Chartered Certified Accountants
Clarence Street Chambers
32 Clarence Street
Southend-on-Sea
Essex
SS1 1BD

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

The directors present their strategic report of the company and the group for the period 1 January 2023 to 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the group is the origination, funding and management of unregulated short-term development and bridging loans to property developers. The group generated an EBITDA of £2.3m in the financial period end 31st March 2024 (31 December 2022, £3.1m). The equity was £7.8m at 31st March 2024 (31 December 2022 £6.3m). The directors are satisfied with this performance in light of economic factors impacting inflation and consequential interest rate rises globally.

STRATEGIC OVERVIEW
The group's strategy remains focused on being a respected lender in the specialist finance sector, aiming for sustainable growth to become the leading provider for SME property developers in the UK. Strong financial performance has enabled significant reinvestment into the company's infrastructure, accelerating its maturity and enhancing operational structure and discipline. The group is committed to advancing technology, with several prototypes completed this fiscal year. Its expertise in credit management, combined with a highly skilled workforce, ensures reliability for third-party funders, while maintaining strong customer service and transparency for all stakeholders.

PRINCIPAL RISKS AND UNCERTAINTIES
The core risks to the business are credit and inflation. Data indicates that inflation has peaked, suggesting possible economic stabilisation. Credit risk management is a crucial responsibility of the team, concentrating on ensuring that transactions meet high-quality and credit-compliant standards. Asset managers review all active loans, monitoring specific ratios and leverage to prevent potential capital losses for both the group and third-party funders.

The group also faces uncertainties, including interest rate risk and operational risk. While interest rate risk does not directly impact the group's results, it does affect the profitability of counterparty schemes and planned exit strategies. Operational risk is managed through strong systems, processes, and controls, and the group has committed to significant investment in automating and enhancing these systems to further mitigate the risk.

GOING CONCERN
The directors are confident in the business's long-term sustainability, supported by ongoing system improvements and continued investment in automation across the group. They have conducted a thorough going concern assessment, paying particular attention to key and emerging risks, such as inflation and the effects of changes in interest rates. Management regularly monitors liquidity and ensures that the group is adequately capitalised, maintaining a conservative excess of working capital to meet its financial commitments. Based on this review, the directors believe that the group will remain a going concern.

ON BEHALF OF THE BOARD:





E E Barnett - Director


2 October 2024

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

The directors present their report with the financial statements of the company and the group for the period 1 January 2023 to 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M R Dean
Z U Mirza
P A Gould
D J Zaprzala

Other changes in directors holding office are as follows:

S K Robinson-Sandhu - appointed 27 March 2023
E E Barnett - appointed 3 April 2023

M Foley was appointed as a director after 31 March 2024 but prior to the date of this report.

S K Robinson-Sandhu ceased to be a director after 31 March 2024 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





E E Barnett - Director


2 October 2024

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

CONSOLIDATED
INCOME STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   

TURNOVER 7,812,769 8,346,622

Cost of sales 1,179,066 1,744,942
GROSS PROFIT 6,633,703 6,601,680

Administrative expenses 4,575,911 3,484,589
2,057,792 3,117,091

Other operating income 21,136 5,463
OPERATING PROFIT 2,078,928 3,122,554

Interest receivable and similar income 82,499 699
2,161,427 3,123,253

Interest payable and similar expenses 668 2
PROFIT BEFORE TAXATION 2,160,759 3,123,251

Tax on profit 522,677 581,758
PROFIT FOR THE FINANCIAL PERIOD 1,638,082 2,541,493

Profit attributable to:
Owners of the parent 1,638,082 2,541,493

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

31.3.24 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 12,766 84,222
Tangible assets 6 28,519 33,010
Investments 7 - -
41,285 117,232

CURRENT ASSETS
Debtors 8 4,546,995 4,045,932
Investments 9 3,024,421 -
Cash at bank 483,614 2,925,637
8,055,030 6,971,569
CREDITORS
Amounts falling due within one year 10 401,935 708,503
NET CURRENT ASSETS 7,653,095 6,263,066
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,694,380

6,380,298

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 7,694,280 6,380,198
SHAREHOLDERS' FUNDS 7,694,380 6,380,298

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:




E E Barnett - Director


AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

COMPANY BALANCE SHEET
31 MARCH 2024

31.3.24 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 12,766 84,222
Tangible assets 6 28,519 33,010
Investments 7 500,400 500,400
541,685 617,632

CURRENT ASSETS
Debtors 8 1,865,877 1,793,441
Investments 9 3,024,421 -
Cash at bank 315,394 2,687,272
5,205,692 4,480,713
CREDITORS
Amounts falling due within one year 10 1,276,580 1,525,134
NET CURRENT ASSETS 3,929,112 2,955,579
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,470,797

3,573,211

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 4,470,697 3,573,111
SHAREHOLDERS' FUNDS 4,470,797 3,573,211

Company's profit for the financial year 1,221,586 875,564

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 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.

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

COMPANY BALANCE SHEET - continued
31 MARCH 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





E E Barnett - Director


AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 4,097,505 4,097,605

Changes in equity
Dividends - (258,800 ) (258,800 )
Total comprehensive income - 2,541,493 2,541,493
Balance at 31 December 2022 100 6,380,198 6,380,298

Changes in equity
Dividends - (324,000 ) (324,000 )
Total comprehensive income - 1,638,082 1,638,082
Balance at 31 March 2024 100 7,694,280 7,694,380

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 2,956,347 2,956,447

Changes in equity
Dividends - (258,800 ) (258,800 )
Total comprehensive income - 875,564 875,564
Balance at 31 December 2022 100 3,573,111 3,573,211

Changes in equity
Dividends - (324,000 ) (324,000 )
Total comprehensive income - 1,221,586 1,221,586
Balance at 31 March 2024 100 4,470,697 4,470,797

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

Avamore Capital 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The directors have agreed the financial period end for all group companies will be 31 March. This accounting period has been extended by three months and the comparatives are not therefore comparable.

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.

Basis of consolidation
The financial statements consolidate the financial statements of Avamore Capital Limited and all of its subsidiary undertakings. The financial year end of all subsidiary undertakings matches the parent company. The results of any subsidiaries formed during the year are included from the date of incorporation.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover consists of fees and interest due on the commercial loans the group arranges and is accounted for as it accrues under the terms of each agreement.

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

The computer software came into use during the period and is being amortised over 5 years.

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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.


AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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 period 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 group operates a defined contribution pension scheme. Contributions payable to the group'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 period was 26 (2022 - 28 ) .

4. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


5. INTANGIBLE FIXED ASSETS

Group
Other
intangible
assets
£   
COST
At 1 January 2023 84,222
Additions 58,800
Disposals (126,000 )
At 31 March 2024 17,022
AMORTISATION
Charge for period 4,256
At 31 March 2024 4,256
NET BOOK VALUE
At 31 March 2024 12,766
At 31 December 2022 84,222

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

5. INTANGIBLE FIXED ASSETS - continued

Company
Other
intangible
assets
£   
COST
At 1 January 2023 84,222
Additions 58,800
Disposals (126,000 )
At 31 March 2024 17,022
AMORTISATION
Charge for period 4,256
At 31 March 2024 4,256
NET BOOK VALUE
At 31 March 2024 12,766
At 31 December 2022 84,222

6. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 2,790 1,693 61,246 65,729
Additions - - 7,724 7,724
Disposals (2,790 ) - - (2,790 )
At 31 March 2024 - 1,693 68,970 70,663
DEPRECIATION
At 1 January 2023 1,011 1,158 30,550 32,719
Charge for period 556 167 10,269 10,992
Eliminated on disposal (1,567 ) - - (1,567 )
At 31 March 2024 - 1,325 40,819 42,144
NET BOOK VALUE
At 31 March 2024 - 368 28,151 28,519
At 31 December 2022 1,779 535 30,696 33,010

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

6. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 2,790 1,693 61,246 65,729
Additions - - 7,724 7,724
Disposals (2,790 ) - - (2,790 )
At 31 March 2024 - 1,693 68,970 70,663
DEPRECIATION
At 1 January 2023 1,011 1,158 30,550 32,719
Charge for period 556 167 10,269 10,992
Eliminated on disposal (1,567 ) - - (1,567 )
At 31 March 2024 - 1,325 40,819 42,144
NET BOOK VALUE
At 31 March 2024 - 368 28,151 28,519
At 31 December 2022 1,779 535 30,696 33,010

7. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 March 2024 500,400
NET BOOK VALUE
At 31 March 2024 500,400
At 31 December 2022 500,400

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

Subsidiaries

Avamore Capital Bridging Ltd
Registered office: 32 Clarence Street, Southend-on-Sea, Essex SS1 1BD
Nature of business: Providing specialist finance
%
Class of shares: holding
Ordinary 100.00

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

7. FIXED ASSET INVESTMENTS - continued

Avamore Finance 1 Limited
Registered office: 32 Clarence Street, Southend-on-Sea, Essex SS1 1BD
Nature of business: Providing specialist finance
%
Class of shares: holding
Ordinary 100.00

Avamore Development Finance 1 Limited
Registered office: 78 Cannon Street, London, EC4N 6HL
Nature of business: Providing specialist finance
%
Class of shares: holding
Ordinary 100.00

Avamore Specialist Finance 1 Ltd
Registered office: 78 Cannon Street, London, EC4N 6HL
Nature of business: Providing specialist finance
%
Class of shares: holding
Ordinary 100.00

Avamore Construction Finance Limited
Registered office: 78 Cannon Street, London, EC4N 6HL
Nature of business: Providing specialist finance
%
Class of shares: holding
Ordinary 100.00


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.12.22 31.3.24 31.12.22
£    £    £    £   
Trade debtors 4,137,463 3,558,947 1,240,533 1,045,916
Amounts owed by group undertakings - - 414,088 409,890
Other debtors 409,532 486,985 211,256 337,635
4,546,995 4,045,932 1,865,877 1,793,441

9. CURRENT ASSET INVESTMENTS

Group Company
31.3.24 31.12.22 31.3.24 31.12.22
£    £    £    £   
Other 3,024,421 - 3,024,421 -

AVAMORE CAPITAL LIMITED (REGISTERED NUMBER: 09820738)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.12.22 31.3.24 31.12.22
£    £    £    £   
Trade creditors 76,531 70,584 75,630 70,027
Amounts owed to group undertakings - - 875,546 1,302,824
Taxation and social security 110,001 574,320 110,001 92,937
Other creditors 215,403 63,599 215,403 59,346
401,935 708,503 1,276,580 1,525,134

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.12.22
value: £    £   
45 A Ordinary £1 45 45
45 B Ordinary £1 45 45
10 C Ordinary £1 10 10
100 100

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £153,426, being £86,400 for the rent payable on the parent company's premises for the remainder of the lease period to August 2024 and £67,026 for the vehicle lease over the next 3 years.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2024 and the year ended 31 December 2022:

31.3.24 31.12.22
£    £   
D J Zaprzala
Balance outstanding at start of period 107,920 120,520
Amounts advanced - 2,400
Amounts repaid (107,920 ) (15,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 107,920

The loan was interest free and repaid in full on 2 August 2023.