REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Avenso UK Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Avenso UK Ltd |
Avenso UK Ltd (Registered number: 07337540) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Avenso UK Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
Avenso UK Ltd (Registered number: 07337540) |
Statement of Financial Position |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Avenso UK Ltd (Registered number: 07337540) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Avenso UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements and going concern |
The Company reported a net profit during the year ended 31 December 2023 but at that date the Statement of Financial Position showed that the Company's total liabilities exceeded its total assets resulting in a deficit shareholders' funds of £380,041. |
However, included within creditors are amounts owed to the Company's immediate parent undertaking, Lumas Art Editions GmbH, totalling £772,470. Lumas Art Editions GmbH has confirmed its willingness not to withdraw support of the Company to the detriment of other creditors for the foreseeable future and for at least the twelve months from the date of approval of the financial statements. |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided in order to write off each asset over its estimated useful life of: |
Fixtures and fittings | 4 - 6 years |
Computer equipment | 3 years |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Avenso UK Ltd (Registered number: 07337540) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 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 |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Amounts owed to group undertakings |
Avenso UK Ltd (Registered number: 07337540) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
Ordinary | £1 | 426,513 | 426,513 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
After the year end the company vacated its premises when the lease expired. The landlord has submitted a dilapidations claim for £98,444. The company is challenging this claim. No provision has been made for any liability arising from this claim. |
12. | RELATED PARTY DISCLOSURES |
At the year end £772,470 (2022: £1,062,894) was due to its parent Lumas Art Editions GmbH and is included in Amounts owed to group undertakings. During the year its parent waived £468,176 (2022: £nil) of the loan balance and charged interest of £39,183 (2022: £38,549) was charged by its parent and is included in this balance. |
13. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Lumas Art Editions GmbH, incorporated in Germany. The company's business address is Ernst Reuter Platz 2, 10587, Berlin. The ultimate parent undertaking is Amber Asset Management GmbH, incorporated in Germany, which is controlled by its directors. |