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Registered number: 12374001










AVF GLOBAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AVF GLOBAL LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditor's report
 
6 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10 - 11
Company statement of financial position
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 35


 
AVF GLOBAL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their report and the financial statements for the year ended 31 December 2023.

Business review
 
Sales of £10.9m decreased by £5.3m or 32.6% from 2022. This reduction has been influenced by a mix of global economic downturn and a range of supply chain challenges which has forced a strategic move away from less profitable revenue in order to streamline and focus the business.The Directors are now pleased to report that trading has improved and a return to profitability is expected to be reported in 2024. 

Principal risks and uncertainties
 
The market continues to be highly competitive and the group manages this risk through significant investment in new product development and marketing initiatives.
The operations of the group expose it to a variety of financial risks including the effects of changes in foreign currency exchange rates, credit risk and liquidity risk.
The principal financial instruments of the group comprise Sterling, US Dollar, Euro and Canadian Dollar cash and bank accounts, bank overdrafts and loans together with trade debtors and trade creditors that arise directly from its operations.
The main risks arising from the financial instruments of the group can be analysed as follows:
Foreign currency risk
The group is exposed in its trading operations to the risk of changes in foreign currency exchange rates. The group both buys and sells goods globally which therefore gives a natural hedge to an extent. The Board has also adopted a foreign exchange strategy to reduce the impact of foreign exchange rates movements as appropriate. The main foreign currencies in which the group operates are the US Dollar, Canadian Dollar and the Euro. The group has US-based subsidiaries which can affect the Sterling group Balance Sheet, as a result of the movements in the Sterling to Dollar exchange rates.
Credit risk
The principal financial assets of the group are bank balances, cash and trade debtors, which represent the group’s maximum exposure to credit risk in relation to financial assets.
Credit risk is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating.
In addition, the group takes out credit insurances for customers, where possible, and subject to the terms and conditions of the insurer.
 
Page 1

 
AVF GLOBAL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Liquidity risk
The group’s policy had been to ensure continuity of funding through arranging funding for operations via medium term bank loans and over-draft facilities to aid short-term flexibility.
Going concern
In the 2022 financial statements the Board reported certain trading and cash-flow challenges but are pleased to report an improvement since that time. In particular we note the following points:

A. In summer 2024 the business refinanced with a new lender.  The facility in place is a CID facility for 3 years with a maximum drawdown of £1.5m based on a percentage of eligible debtors.  The Board are very pleased with the new relationship which has been very positive and supportive. Management have prepared forecasts through to the end of 2025 which show that the business will continue to operate within agreed facilities throughout that period, albeit the headroom is limited at certain points.

B. The order backlog and expected volumes for 2025 have increased compared to both 2023 and 2024 including new customers and increased volumes with existing customers.

C. Profit margins are on the increase due to freight costs stabilising back to previous levels and business focus so therefore 2024 and 2025 are expected to generate improved results.
As with most similar businesses, there continues to be pressure on cash and close management of day to day payments and receivables is being exercised to maximise the position and manage pressure points. Management are confident that the Company and Group will be in a position to meet their obligations for period not less than 12 months from the date the accounts are signed, although a certain level of uncertainty remains.
Cash flow interest rate risks
Interest bearing assets comprise cash and bank deposits, all of which earn interest at market rate. The directors monitor the overall level of borrowings and interest costs to limit any adverse effects on financial performance of the group.
 

Page 2

 
AVF GLOBAL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 

                     2023                2022
Operating (loss)/profit margin %                        -2.87                -3.58
Turnover by employee £               280,872           395,707
Working capital as a % of turnover               3.56                 4.03
Notes to key performance indicators
Operating profit margin % = operating profit before impairment loss as a percentage of turnover. AVF Global Limited aims to increase operating profit margins and measures performance against this objective by measuring operating profit margins %. Source data is taken from the audited financial statements. 
Turnover per employee = turnover divided by the average monthly number of employees in the year. AVF Global Limited aims to increase value added by employees and uses turnover by employee to measure this. Source data is taken from the audited financial statements. 
Working capital % turnover = year end operating working capital as a percentage of turnover. AVF Global Limited aims to minimise working capital as a % of turnover to facilitate cash management. Source data is taken from the audited financial statements. Operating working capital comprises stock, debtors and creditors excluding corporation tax, deferred tax and other taxes and social security.
 

Other key performance indicators
 
Environmental matters
The Group seeks to maintain the highest standards, being aware of social and environmental responsibilities. 
Employee matters
The Group is committed to promoting policies to ensure that employees and those who seek to work for the group are treated equally regardless of sex, marital status, age, creed, colour, race or ethnic origin. 
The Group gives full and fair consideration to applications for employment received from people with disabilities, having regard to their particular aptitudes and abilities. If employees become disabled, every effort is made to ensure that their employment continues, and training or re-training is arranged and career development and promotion offered whenever practicable. The Group’s policy is to provide equal opportunities to entire staff on the basis of objective criteria and personal merit.
The Group believes in promoting the fullest involvement of employees in their work to gain their maximum understanding of and commitment to, the Group’s objectives. This is achieved through regular meetings and
an open management style that encourages participation and recognises effort.


This report was approved by the board on 27 November 2024 and signed on its behalf.



A M Keenan
Director

Page 3

 
AVF GLOBAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under Company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company was incorporated and commenced trading on 20 December 2019. These financial statements are prepared for the year ended 31 December 2023, the comparatives are for the year ended 31 December 2022.
The Company acquired the group headed by AVF Holdings Limited on 16 January 2020.
The principal activity of the Group is a highly innovative designer and supplier of accessories focused on home
entertainment support systems.
The principal activity of the Company is that of a holding Company.

Results and dividends

The loss for the year, after taxation, amounted to £550,000 (2022 - loss £1,878,000).

The directors do not recommend the payment of a dividend.

Page 4

 
AVF GLOBAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

D A Gallimore (Chairman) 
S J West 
A M Keenan 
A J Burns 
J R McCreath 
S D Ward 
D I Godfrey 

Matters covered in the Group strategic report

Business review, principal risks and uncertainties facing the company, key performance indicators, discussion of employee matters and discussion of environmental matters that have been included within the Strategic Report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

After the year end, on 27 June 2024, Group refinanced and signed a new financing facility of £1.5m for 3 years.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 November 2024 and signed on its behalf.
 





A M Keenan
Director

Page 5

 
AVF GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVF GLOBAL LIMITED
 

Opinion


We have audited the financial statements of AVF Global Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated and Company Statement of changes in equity, the Consolidated Statement of cash flows and the related notes, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements, which indicates that whilst the business has recently refinanced with a new lender, the amount of liquidity headroom available in the 12 months from the date of approval of these financial statements is limited at certain points in the year. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
AVF GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVF GLOBAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
AVF GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVF GLOBAL LIMITED (CONTINUED)


Auditor responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management and those charged with governance around actual and potential litigation and claims;


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martin Ramsey BSc (Hons) FCCA (Senior statutory auditor)
for and on behalf of
MHA (Statutory auditors)
Birmingham, United Kingdom

27 November 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Page 8

 
AVF GLOBAL LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

Before exceptional costs
Exceptional costs
Total
Before exceptional costs
Exceptional costs
Total
2023
2023
2023
2022
2022
2022
Note
£000
£000
£000
£000
£000
£000

  

Turnover
 4 
10,954
-
10,954
16,224
-
16,224

Change in stocks of finished goods
  
(1,402)
-
(1,402)
(2,761)
-
(2,761)

Other operating income
 5 
112
-
112
107
-
107

Raw materials and consumables
  
(4,940)
-
(4,940)
(7,467)
-
(7,467)

Other external charges
  
(3,064)
-
(3,064)
(4,034)
-
(4,034)

Exceptional other external charges
  
-
-
-
-
(1,834)
(1,834)

Staff costs
  
(1,787)
-
(1,787)
(2,050)
-
(2,050)

Depreciation and amortisation
  
(150)
-
(150)
(150)
-
(150)

Operating loss
 6 
(277)
-
(277)
(131)
(1,834)
(1,965)

Interest receivable and similar income
 10 
2
-
2
1
-
1

Interest payable and similar expenses
 11 
(241)
-
(241)
(175)
-
(175)

Loss before tax
  
(516)
-
(516)
(305)
(1,834)
(2,139)

Tax on loss
 12 
(34)
-
(34)
261
-
261

Loss for the financial year
  
(550)
-
(550)
(44)
(1,834)
(1,878)

  

Currency translation differences
  
(138)
320

Other comprehensive income for the year
  
(138)
320

Total comprehensive income for the year
  
(688)
(1,558)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(550)
-
(550)
(1,878)
-
(1,878)

The notes on pages 17 to 35 form part of these financial statements.

Page 9

 
AVF GLOBAL LIMITED
REGISTERED NUMBER: 12374001

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 14 
675
818

Tangible assets
 15 
8
14

  
683
832

Current assets
  

Stocks
 17 
2,687
4,187

Debtors: amounts falling due within one year
 18 
1,630
2,285

Cash at bank and in hand
 19 
194
343

  
4,511
6,815

Creditors: amounts falling due within one year
 20 
(4,312)
(6,219)

Net current assets
  
 
 
199
 
 
596

Total assets less current liabilities
  
882
1,428

Creditors: amounts falling due after more than one year
 21 
(2,555)
(2,433)

Provisions for liabilities
  

Other provisions
 23 
(605)
(585)

  
 
 
(605)
 
 
(585)

Net liabilities
  
(2,278)
(1,590)


Capital and reserves
  

Called up share capital 
 24 
48
48

Share premium account
 25 
7
7

Foreign exchange reserve
 25 
86
224

Merger reserve
 25 
60
60

Profit and loss account
 25 
(2,479)
(1,929)

  
(2,278)
(1,590)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.


A M Keenan
Director

The notes on pages 17 to 35 form part of these financial statements.
Page 10

 
AVF GLOBAL LIMITED
REGISTERED NUMBER: 12374001
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 11

 
AVF GLOBAL LIMITED
REGISTERED NUMBER: 12374001

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Investments
 16 
4,820
4,820

  

Creditors: amounts falling due within one year
 20 
(2,516)
(2,516)

Net current liabilities
  
 
 
(2,516)
 
 
(2,516)

Total assets less current liabilities
  
2,304
2,304

  

Creditors: amounts falling due after more than one year
 21 
(2,555)
(2,433)

  

Net liabilities
  
(251)
(129)


Capital and reserves
  

Called up share capital 
 24 
48
48

Share premium account
 25 
7
7

Merger reserve
 25 
60
60

Profit and loss account
 25 
(366)
(244)

  
(251)
(129)


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The loss after tax of the parent Company for the year was £123,000 (2022: £69,000).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.


A M Keenan
Director

The notes on pages 17 to 35 form part of these financial statements.

Page 12
 

 
AVF GLOBAL LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Foreign exchange reserve
Merger reserve
Profit and loss account
Total equity


£000
£
£000
£000
£000
£000



At 1 January 2022
48
7
(96)
60
(51)
(32)



Comprehensive income for the year


Loss for the year
-
-
-
-
(1,878)
(1,878)


Currency translation differences
-
-
320
-
-
320

Total comprehensive income for the year
-
-
320
-
(1,878)
(1,558)





At 1 January 2023
48
7
224
60
(1,929)
(1,590)



Comprehensive income for the year


Loss for the year
-
-
-
-
(550)
(550)


Currency translation differences
-
-
(138)
-
-
(138)

Total comprehensive income for the year
-
-
(138)
-
(550)
(688)



At 31 December 2023
48
7
86
60
(2,479)
(2,278)



The notes on pages 17 to 35 form part of these financial statements.

Page 13

 

 
AVF GLOBAL LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity


£000
£
£000
£000
£000



At 1 January 2022
48
7
60
(175)
(60)



Comprehensive income for the year


Loss for the year
-
-
-
(69)
(69)





At 1 January 2023
48
7
60
(244)
(129)



Comprehensive income for the year


Loss for the year
-
-
-
(122)
(122)



At 31 December 2023
48
7
60
(366)
(251)



The notes on pages 17 to 35 form part of these financial statements.

Page 14
 
AVF GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£000
£000

Cash flows from operating activities

Loss for the financial year
(550)
(1,878)

Adjustments for:

Amortisation of intangible assets
143
105

Depreciation of tangible assets
6
45

Interest paid
241
175

Interest received
(2)
(1)

Taxation charge
34
(261)

Decrease in stocks
1,500
2,384

Decrease in debtors
577
862

(Decrease) in creditors
(445)
(770)

Increase in provisions
20
20

Corporation tax (paid)/received
(77)
51

Net cash generated from operating activities

1,447
732


Cash flows from investing activities

Interest received
2
1

Net cash from investing activities

2
1

Cash flows from financing activities

Repayment of loans
(182)
(109)

Interest paid
(241)
(175)

Movement of asset based lending facility
(1,037)
(882)

Net cash used in financing activities
(1,460)
(1,166)

Net (decrease) in cash and cash equivalents
(11)
(433)

Cash and cash equivalents at beginning of year
343
456

Foreign exchange reserve - fx diff
(138)
320

Cash and cash equivalents at the end of year
194
343


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
194
343


The notes on pages 17 to 35 form part of these financial statements.

Page 15

 
AVF GLOBAL LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£000

£000

£000

£000

Cash at bank and in hand

343

(11)

(138)

194

Debt due after 1 year

182

(182)

-

-

Debt due within 1 year

(109)

109

-

-


416
(84)
(138)
194

The notes on pages 17 to 35 form part of these financial statements.

Page 16

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

AVF Global Limited is a Company limited by shares and incorporated in England and Wales. Its registered office is located at Road 30, Hortonwood, Telford, Shropshire, TF1 7YE.
The principal activity of the Group is as a highly innovative designer and supplier of accessories focused on home entertainment support systems. The principal activity of the Company is that of a holding Company.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 17

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

In the 2022 financial statements the Board reported certain trading and cash-flow challenges but are pleased to report an improvement since that time. In particular we note the following points:
A. In summer 2024 the business refinanced with a new lender.  The facility in place is a CID facility for 3 years with a maximum drawdown of £1.5m based on a percentage of eligible debtors.  The Board are very pleased with the new relationship which has been very positive and supportive. Management have prepared forecasts through to the end of 2025 which show that the business will continue to operate within agreed facilities throughout that period, albeit the headroom is limited at certain points.
B. The order backlog and expected volumes for 2025 have increased compared to both 2023 and 2024 including new customers and increased volumes with existing customers.
C. Profit margins are on the increase due to freight costs stabilising back to previous levels and business focus so therefore 2024 and 2025 are expected to generate improved results.
As with most similar businesses, there continues to be pressure on cash and close management of day to day payments and receivables is being exercised to maximise the position and manage pressure points. Management are confident that the Company and Group will be in a position to meet their obligations for period not less than 12 months from the date the accounts are signed, although a certain level of uncertainty remains.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Customer rebates are recognised in the period to which they relate. In line with the requirements of FRS 102, early settlement or volume rebates are deducted from revenue. Other specific rebates such as marketing support rebates are included within other external charges.

Page 18

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Computer software is amortised over its expected useful life of 5 years.

 
2.6

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.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
8% to 25%
Fixtures and fittings
-
8% to 25%
Computer equipment
-
8% to 25%
Other fixed assets
-
8% to 25%

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.

Page 19

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 20

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.16

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.

Page 21

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are changed to the provision carried in the Statement of Financial Position.

Page 22

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

 
2.21

Research and development

Expenditure for research and development is written off in the year in which it is incurred.

 
2.22

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates.
There are no key judgments concerning the future, or other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 

Page 23

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

All turnover is attributable to the Group's principal activity.
The analysis of turnover by geographic area has been omitted on the grounds that the directors believe this would be seriously prejudicial to the interest of the Group.


5.


Other operating income

2023
2022
£000
£000

Net rents receivable
112
107



6.


Operating loss

The operating loss is stated after charging:

2023
2022
£000
£000

Exchange differences
(147)
307

Other operating lease rentals
225
223

Depreciation of tangible assets
6
7

Amortisation of intangible assets
143
143


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Group's auditor for the audit of the Group's annual financial statements
32
29

Fees payable to the Company's auditor in respect of:

Accounts preparation
2
2

Taxation compliance services
5
5

R&D
5
5

Page 24

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000


Wages and salaries
1,444
1,695
-
-

Social security costs
142
151
-
-

Cost of defined contribution scheme
201
204
-
-

1,787
2,050
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
39
41
7
7


9.


Directors' remuneration

2023
2022
£000
£

Directors' emoluments
550
580

Group contributions to defined contribution pension schemes
133
125

683
705


During the year retirement benefits were accruing to 6 directors (2022: 6) in respect of defined contribution pension schemes.
The highest paid director received salary, fees and bonuses of £97,000 (2022: £114,000), pension contributions of £28,000 (2022: £17,000) and benefits in kind of £2,000 (2022: £2,000).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to 28,000 (2022: £17,000).
Key management personnel includes all Directors of the Group who together have authority and responsibility for planning, directing and controlling the activities of the Group. The total compensation paid to key management personnel for services provided to the Group is disclosed above.

Page 25

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£000
£000


Other interest receivable
2
1


11.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
113
106

Other loan interest payable
6
-

Other interest payable
122
69

241
175


12.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
(5)
(98)

Adjustments in respect of previous periods
-
(21)


(5)
(119)


Total current tax
(5)
(119)

Deferred tax


Deferred tax - current year
39
(142)

Total deferred tax
39
(142)


Tax on loss
34
(261)
Page 26

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Loss on ordinary activities before tax
(516)
(2,220)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(129)
(422)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2
2

Adjustments in respect of deferred tax opening/closing to average rate
-
(4)

Adjustments to tax charge in respect of prior periods
-
22

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
-
(2)

Other timing differences leading to an increase (decrease) in taxation
1
79

Deferred tax not recognised
128
19

Unrelieved tax losses carried forward
32
40

Group relief
-
5

Total tax charge for the year
34
(261)


Factors that may affect future tax charges

In the spring budget 2021, the UK Government announced that the UK corporation tax rate would increase to 25% with effect from 1 April 2023, the effects of which are immaterial in the current period. 


13.


Exceptional items

2023
2022
£000
£000


Exceptional freight costs
-
1,834

Page 27

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets

Group





Computer software
Goodwill
Total

£000
£000
£000



Cost


At 1 January 2023
192
1,050
1,242



At 31 December 2023

192
1,050
1,242



Amortisation


At 1 January 2023
114
310
424


Charge for the year on owned assets
38
105
143



At 31 December 2023

152
415
567



Net book value



At 31 December 2023
40
635
675



At 31 December 2022
78
740
818



Page 28

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Fixtures and fittings
Computer equipment
Total

£000
£000
£000



Cost


At 1 January 2023
4
28
32



At 31 December 2023

4
28
32



Depreciation


At 1 January 2023
4
14
18


Charge for the year on owned assets
-
6
6



At 31 December 2023

4
20
24



Net book value



At 31 December 2023
-
8
8



At 31 December 2022
-
14
14

Page 29

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost


At 1 January 2023
4,820



At 31 December 2023
4,820





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

AVF Holdings Limited
England
Holding Company
100%
AVF Property Holdings Limited
England
Investment Company
100%
AVF Group Limited
England
Design, selling, marketing and distribution of quality audio and vision equipment supports
100%
AVF Group Inc
USA
Design, selling, marketing and distribution of quality audio and vision equipment supports
100%
TV Furniture Direct Limited
England
Dormant Company
100%

AVF Group Inc is incorporated in the United States of America. The principal place of business is 2775 Broadway Buffalo, New York 14227, USA.
The registered office of all UK subsidiaries is Road 30, Hortonwood, Telford, Shropshire, TF1 7YE.

Page 30

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Stocks

Group
Group
2023
2022
£000
£000

Finished goods and goods for resale
2,687
4,187


An impairment charge of £55,524 (2022: £3,806 charge) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.


18.


Debtors

Group
Group
2023
2022
£000
£000


Trade debtors
1,273
1,857

Other debtors
37
76

Prepayments and accrued income
202
195

Deferred taxation
118
157

1,630
2,285


A Bad Debt charge of £12,032 (Impairment reversal in 2022: £27,217) was recognised in the year against
bad debt reserves in the trade debtors.


19.


Cash and cash equivalents

Group
Group
2023
2022
£000
£000

Cash at bank and in hand
194
343


Included within cash at bank is £30k (2022: £100k) of restricted cash in respect of a HMRC Duty Deferment Guarantee Facility.

Page 31

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
182
-
-

Trade creditors
2,133
2,756
-
-

Amounts owed to group undertakings
-
-
2,516
2,516

Corporation tax
-
38
-
-

Other taxation and social security
310
290
-
-

Proceeds of factored debts
918
1,955
-
-

Accruals and deferred income
951
998
-
-

4,312
6,219
2,516
2,516


Included within bank loans was a Coronavirus Business Interruption Loan, which was secured by a fixed and floating charge over the assets of the Company and its fellow UK group undertakings. The loan included an initial 12-month interest-free period, followed by interest accruing at a rate of 5.28%. It also featured a six-month capital repayment holiday, after which it was repayable through 11 quarterly instalments and a final balloon payment. During the year, the loan was fully repaid, with £81,818 paid in quarterly instalments and a final balloon payment of £100,000.

Amounts owed to group undertakings bear interest between 0% and 3% and are repayable on demand.
The asset based lending facility has a £1.5M limit and is secured by a fixed and floating charge over the asset of the group.

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Deferred consideration
2,555
2,433
2,555
2,433


The deferred consideration is unsecured, interest free and payable in 7 equal annual instalments commencing January 2021. Interest accrues on unpaid amounts at a rate of 5%.

Page 32

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Deferred taxation


Group



2023


£000






At beginning of year
157


Charged to profit or loss
(39)



At end of year
118

Company


2023






At end of year
-
The deferred tax asset is made up as follows:

Group
Group
2023
2022
£000
£000

Fixed asset timing differences
155
15

Short term timing differences
(37)
129

Tax losses carried forward
-
13

118
157


23.


Provisions


Group



Dilapidation provision

£000





At 1 January 2023
585


Charged to profit or loss
20



At 31 December 2023
605

The provision relates to potential property dilapidation obligations under a commercial lease.

Page 33

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



48,000 (2022 - 43,000) Ordinary shares of £1.00 each
48
48



25.


Reserves

Share premium account

The share premium balance represents the equity contribution received above the nominal value of the
shares issued.

Foreign exchange reserve

Comprises translation differences arising from the translation of financial statements of the Group's foreign entities into sterling (£).

Merger Reserve

Share issued in acquiring 100% owned subsidiaries have been recognised at fair value with the uplift above par value being recognised as a merger reserve.

Profit and loss account

Includes all current and prior period retained profits and losses.


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £201,000 (2022: £290,000). Contributions totalling £35,886 (2022: £38,383) were payable to the fund at the reporting date and are included in creditors.


27.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£000
£000

Not later than 1 year
248
175

Later than 1 year and not later than 5 years
882
397

1,130
572
Page 34

 
AVF GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Related party transactions

The Group has taken advantage of the exemption allowed by FRS 102 not to disclose transactions and balances between wholly-owned members of the Group.


29.


Controlling party

The Group has no single controlling party.


30.


Post balance sheet event

After the year end, on 27 June 2024, Group refinanced and signed a new financing facility of £1.5m for 3 years.

Page 35