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COMPANY REGISTRATION NUMBER: 12873469
Avione Saving & Investment Ltd
Filleted Unaudited Financial Statements
31 October 2023
Avione Saving & Investment Ltd
Financial Statements
Period from 1 January 2023 to 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Avione Saving & Investment Ltd
Statement of Financial Position
31 October 2023
31 Oct 23
31 Dec 22
Note
£
£
£
Fixed assets
Tangible assets
5
3,164
5,311
Current assets
Debtors
6
39,500
32,727
Cash at bank and in hand
217,084
983,972
---------
------------
256,584
1,016,699
Creditors: amounts falling due within one year
7
477,501
379,367
---------
------------
Net current (liabilities)/assets
( 220,917)
637,332
---------
---------
Total assets less current liabilities
( 217,753)
642,643
Creditors: amounts falling due after more than one year
8
101,423
267,251
---------
---------
Net (liabilities)/assets
( 319,176)
375,392
---------
---------
Capital and reserves
Called up share capital
162
161
Share premium account
2,591,864
2,584,366
Other reserves
361,661
361,007
Profit and loss account
( 3,272,863)
( 2,570,142)
------------
------------
Shareholders (deficit)/funds
( 319,176)
375,392
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Avione Saving & Investment Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Ms S Rosenberg
Director
Company registration number: 12873469
Avione Saving & Investment Ltd
Notes to the Financial Statements
Period from 1 January 2023 to 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 10 (2022: 10 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2023 and 31 October 2023
7,731
-------
Depreciation
At 1 January 2023
2,420
Charge for the period
2,147
-------
At 31 October 2023
4,567
-------
Carrying amount
At 31 October 2023
3,164
-------
At 31 December 2022
5,311
-------
6. Debtors
31 Oct 23
31 Dec 22
£
£
Other debtors
39,500
32,727
--------
--------
7. Creditors: amounts falling due within one year
31 Oct 23
31 Dec 22
£
£
Bank loans and overdrafts
202,231
201,844
Trade creditors
103,755
93,963
Social security and other taxes
130,160
31,484
Other creditors
41,355
52,076
---------
---------
477,501
379,367
---------
---------
8. Creditors: amounts falling due after more than one year
31 Oct 23
31 Dec 22
£
£
Bank loans and overdrafts
101,423
267,251
---------
---------
9. Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
10. Directors' advances, credits and guarantees
At the period end date a director owed the company £nil (2022: £109).