Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-011falseNo description of principal activity1truetruefalse 12199789 2023-04-01 2024-03-31 12199789 2022-04-01 2023-03-31 12199789 2024-03-31 12199789 2023-03-31 12199789 c:Director1 2023-04-01 2024-03-31 12199789 d:FurnitureFittings 2023-04-01 2024-03-31 12199789 d:FurnitureFittings 2024-03-31 12199789 d:FurnitureFittings 2023-03-31 12199789 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12199789 d:FreeholdInvestmentProperty 2024-03-31 12199789 d:FreeholdInvestmentProperty 2023-03-31 12199789 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 12199789 d:CurrentFinancialInstruments 2024-03-31 12199789 d:CurrentFinancialInstruments 2023-03-31 12199789 d:Non-currentFinancialInstruments 2024-03-31 12199789 d:Non-currentFinancialInstruments 2023-03-31 12199789 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12199789 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12199789 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 12199789 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12199789 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 12199789 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 12199789 d:ShareCapital 2024-03-31 12199789 d:ShareCapital 2023-03-31 12199789 d:RetainedEarningsAccumulatedLosses 2024-03-31 12199789 d:RetainedEarningsAccumulatedLosses 2023-03-31 12199789 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 12199789 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 12199789 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 12199789 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 12199789 d:OtherDeferredTax 2024-03-31 12199789 d:OtherDeferredTax 2023-03-31 12199789 c:OrdinaryShareClass1 2023-04-01 2024-03-31 12199789 c:OrdinaryShareClass1 2024-03-31 12199789 c:OrdinaryShareClass1 2023-03-31 12199789 c:FRS102 2023-04-01 2024-03-31 12199789 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12199789 c:FullAccounts 2023-04-01 2024-03-31 12199789 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12199789 d:Subsidiary1 2023-04-01 2024-03-31 12199789 d:Subsidiary1 1 2023-04-01 2024-03-31 12199789 6 2023-04-01 2024-03-31 12199789 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12199789









AV INVEST LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
AV INVEST LTD
REGISTERED NUMBER: 12199789

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
534
1,094

Investments
 5 
100
100

Investment property
 6 
675,000
686,983

  
675,634
688,177

Current assets
  

Debtors: amounts falling due within one year
 7 
50,506
514

Cash at bank and in hand
  
114,449
120,497

  
164,955
121,011

Creditors: amounts falling due within one year
 8 
(18,788)
(29,602)

Net current assets
  
 
 
146,167
 
 
91,409

Total assets less current liabilities
  
821,801
779,586

Creditors: amounts falling due after more than one year
 9 
(434,791)
(434,775)

Provisions for liabilities
  

Deferred tax
 11 
(2,999)
(5,297)

  
 
 
(2,999)
 
 
(5,297)

Net assets
  
384,011
339,514


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
383,911
339,414

  
384,011
339,514


Page 1

 
AV INVEST LTD
REGISTERED NUMBER: 12199789
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2024.




Dr A Vaziri
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 12199789. The Company's registered office is Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental of property
Turnover from the rental of property is recognised when all the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive consideration due for the rental of properties;
- the period of rent can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried
Page 5

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the
Page 6

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
1,709



At 31 March 2024

1,709



Depreciation


At 1 April 2023
615


Charge for the year on owned assets
560



At 31 March 2024

1,175



Net book value



At 31 March 2024
534



At 31 March 2023
1,094

Page 7

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
100



At 31 March 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

AV Smile Ltd
Ordinary
100%

The registered office of the subsidiary company is the same as that of the parent being; Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP.


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
686,983


Surplus on revaluation
(11,983)



At 31 March 2024
675,000

The 2024 valuations were made by the directos, on an open market value for existing use basis.







7.


Debtors

2024
2023
£
£

Page 8

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.Debtors (continued)


Amounts owed by group undertakings
50,000
-

Prepayments and accrued income
506
514

50,506
514



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
-
3,040

Corporation tax
1,646
-

Other creditors
16,122
23,794

Accruals and deferred income
1,020
2,768

18,788
29,602


Page 9

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
434,791
434,775

434,791
434,775


The following liabilities were secured:




Details of security provided:

Bank loan of £434,791 (2023 - £434,775) are secured by fixed charges held by Paragon Bank PLC and Charter Court Financial Services Limited over the freehold property held within investment properties.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
434,791
434,775

434,791
434,775

An initial loan was taken out on 16 December 2019 for a period of 25 years on an interest only basis.  Interest is charged at 3.25% until 16 December 2024 and then it converts to SVR -0.75% for the remaining period.
A second loan was taken out on 15 September 2022 for a period of 25 years on an interest only basis.  Interest is charged at 3.29% until 14 September 2027 and it then coverts to a variable rate of 5.25% + Bank of England Base Rate which will not go below 5.24%.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
434,791
434,775

434,791
434,775

434,791
434,775


Page 10

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024


£






At beginning of year
(5,297)


Charged to profit or loss
2,298



At end of year
(2,999)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(101)
(260)

Tax losses carried forward
-
138

Investment property revaluation
(2,898)
(5,175)

(2,999)
(5,297)

Page 11

 
AV INVEST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



13.


Related party transactions

Included within other creditors is amounts due to directors of £15,700 (2023 - £22,700). The loan is interest free and repayable on demand.

 
Page 12