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REGISTERED NUMBER: 05893135 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2024

FOR

AVANGA LIMITED

AVANGA LIMITED (REGISTERED NUMBER: 05893135)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 August 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


AVANGA LIMITED

COMPANY INFORMATION
for the year ended 30 August 2024







DIRECTOR: A Puckett





SECRETARY: Company Secretaries Limited





REGISTERED OFFICE: c/o Thorne Lancaster Parker
5 Floor, Palladium House
1-4 Argyll Street
London
W1F 7TA





REGISTERED NUMBER: 05893135 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

AVANGA LIMITED (REGISTERED NUMBER: 05893135)

STATEMENT OF FINANCIAL POSITION
30 August 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 6 374 1,874
Cash at bank 251,831 293,111
252,205 294,985
CREDITORS
Amounts falling due within one year 7 (5,300 ) (4,539 )
NET CURRENT ASSETS 246,905 290,446
TOTAL ASSETS LESS CURRENT
LIABILITIES

246,905

290,446

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 9 246,904 290,445
SHAREHOLDERS' FUNDS 246,905 290,446

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 1 November 2024 and were signed by:





A Puckett - Director


AVANGA LIMITED (REGISTERED NUMBER: 05893135)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 August 2024


1. STATUTORY INFORMATION

Avanga 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

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

Property plant and equipment
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Plant and machinery over 4 years
Computer equipment over 2 years

AVANGA LIMITED (REGISTERED NUMBER: 05893135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 August 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

Basic financial assets
Trade debtors, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade creditors, other creditors and loans from directors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Equity instruments
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

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 statement of financial position date.


AVANGA LIMITED (REGISTERED NUMBER: 05893135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 August 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 31 August 2023
and 30 August 2024 658 17,282 17,940
DEPRECIATION
At 31 August 2023
and 30 August 2024 658 17,282 17,940
NET BOOK VALUE
At 30 August 2024 - - -
At 30 August 2023 - - -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 374 1,874

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts 402 246
Accruals and deferred income 4,898 4,293
5,300 4,539

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

AVANGA LIMITED (REGISTERED NUMBER: 05893135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 August 2024


9. RESERVES
Retained
earnings
£   

At 31 August 2023 290,445
Deficit for the year (41 )
Dividends (43,500 )
At 30 August 2024 246,904

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 August 2024 and 30 August 2023:

2024 2023
£    £   
A Puckett
Balance outstanding at start of year (246 ) (286 )
Amounts advanced 43,344 50,040
Amounts repaid (43,500 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (402 ) (246 )

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £43,500 (2023 - £50,000) were paid to the director .

12. ULTIMATE CONTROLLING PARTY

The controlling party is A Puckett.