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REGISTERED NUMBER: 07337540 (England and Wales)















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: M C Schreiber
M A Ullrich





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 07337540 (England and Wales)





AUDITORS: WP Audit Services LLP
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 16,727 37,446

CURRENT ASSETS
Inventories 144,834 128,973
Debtors 6 224,495 214,189
Cash at bank 97,540 91,294
466,869 434,456
CREDITORS
Amounts falling due within one year 7 (552,795 ) (437,158 )
NET CURRENT LIABILITIES (85,926 ) (2,702 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(69,199

)

34,744

CREDITORS
Amounts falling due after more than one
year

8

(310,842

)

(779,018

)
NET LIABILITIES (380,041 ) (744,274 )

CAPITAL AND RESERVES
Called up share capital 9 426,513 426,513
Retained earnings (806,554 ) (1,170,787 )
SHAREHOLDERS' FUNDS (380,041 ) (744,274 )

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 19 November 2024 and were signed on its behalf by:





M C Schreiber - Director


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 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 and going concern
The financial statements have been prepared under the historical cost convention.

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 fittings4 - 6 years
Computer equipment3 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 6 (2022 - 8 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 January 2023
and 31 December 2023 289,252 8,849 298,101
Depreciation
At 1 January 2023 252,703 7,952 260,655
Charge for year 20,179 540 20,719
At 31 December 2023 272,882 8,492 281,374
Net book value
At 31 December 2023 16,370 357 16,727
At 31 December 2022 36,549 897 37,446

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 492 4,617
Other debtors 205,421 184,274
VAT 15,789 10,136
Prepayments 2,793 15,162
224,495 214,189

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 14,458 70,347
Amounts owed to group undertakings 461,628 283,876
Social security and other taxes - 350
Other creditors - 8,555
Accrued expenses 76,709 74,030
552,795 437,158

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Amounts owed to group undertakings 310,842 779,018

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: £    £   
426,513 Ordinary £1 426,513 426,513

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Carpenter (Senior Statutory Auditor)
for and on behalf of WP Audit Services LLP

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.