Company registration number SC265173 (Scotland)
Avylon Ltd.
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with registrar
Avylon Ltd.
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Avylon Ltd.
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Avylon Ltd. for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Avylon Ltd., as a body, in accordance with the terms of our engagement letter dated 21 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Avylon Ltd. and state those matters that we have agreed to state to the board of directors of Avylon Ltd., as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avylon Ltd. and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Avylon Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Avylon Ltd.. You consider that Avylon Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Avylon Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
3 December 2024
Avylon Ltd.
Statement of financial position
as at 31 March 2024
31 March 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
313,150
212,500
Current assets
Debtors
42,410
17,118
Cash at bank and in hand
148,071
289,178
190,481
306,296
Creditors: amounts falling due within one year
(11,231)
(29,697)
Net current assets
179,250
276,599
Net assets
492,400
489,099
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
490,400
487,099
Total equity
492,400
489,099
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Avylon Ltd.
Statement of financial position (continued)
as at 31 March 2024
31 March 2024
3
The financial statements were approved and signed by the director and authorised for issue on 2 December 2024
Allan F. Ritchie
Director
Company registration number SC265173 (Scotland)
Avylon Ltd.
Notes to the financial statements
for the year ended 31 March 2024
4
1
Accounting policies
Company information
Avylon Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Melvin House, 16 Golf View Road, Bieldside, Aberdeen, AB15 9DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Avylon Ltd.
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
5
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
Avylon Ltd.
Notes to the financial statements (continued)
for the year ended 31 March 2024
6
3
Investment property
2024
£
Fair value
At 1 April 2023
212,500
Additions
100,650
At 31 March 2024
313,150
Freehold buildings at 460 George Street, Aberdeen, were valued at £185,000 on an open market existing use basis by Graham + Sibbald, Chartered Surveyors, on 13th January 2023. The director considers that this valuation approximates to the fair value of this property. Freehold buildings at 67 Frithside Street, Fraserburgh, were valued at £27,500 on an open market existing use basis by F. G. Burnett, Chartered Surveyors, on 26th January 2012. The director considers that this valuation approximates to the fair value of this property. All properties are stated at their fair valuation.
4
Directors' transactions
During the year the director entered into the following advances with the company:
Description
Opening debit balance
Amounts advanced
Closing debit balance
£
£
£
Allan F. Ritchie - director's loan
(15,206)
(1,281)
(16,487)
(15,206)
(1,281)
(16,487)