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Company Registration number: 2343487

Avtex Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Avtex Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Avtex Limited

(Registration number: 2343487)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

154,001

87,883

Investments

5

100

100

 

154,101

87,983

Current assets

 

Stocks

6

1,327,595

1,315,974

Debtors

7

2,887,707

1,889,693

Cash at bank and in hand

 

1,080,113

1,493,746

 

5,295,415

4,699,413

Creditors: Amounts falling due within one year

8

(776,740)

(536,063)

Net current assets

 

4,518,675

4,163,350

Total assets less current liabilities

 

4,672,776

4,251,333

Creditors: Amounts falling due after more than one year

8

(71,261)

-

Provisions for liabilities

(16,230)

(10,288)

Net assets

 

4,585,285

4,241,045

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

4,585,185

4,240,945

Shareholders' funds

 

4,585,285

4,241,045

 

Avtex Limited

(Registration number: 2343487)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 December 2024 and signed on its behalf by:
 

.........................................
Mr T J Hart
Director

   
     
 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calon Point No 1
Fountain Lane
St Mellons
Cardiff
CF3 0FE

These financial statements were authorised for issue by the Board on 13 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in section 399 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Plant and machinery

33.3% straight line

Office equipment

25% straight line

Motor vehicles

25% reducing balance

 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

305,045

467,666

79,487

111,516

963,714

Additions

946

13,145

9,556

108,640

132,287

Disposals

-

-

-

(65,640)

(65,640)

At 30 June 2024

305,991

480,811

89,043

154,516

1,030,361

Depreciation

At 1 July 2023

268,822

453,544

49,564

103,901

875,831

Charge for the year

17,616

10,853

10,188

20,947

59,604

Eliminated on disposal

-

-

-

(59,075)

(59,075)

At 30 June 2024

286,438

464,397

59,752

65,773

876,360

Carrying amount

At 30 June 2024

19,553

16,414

29,291

88,743

154,001

At 30 June 2023

36,223

14,122

29,923

7,615

87,883

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 July 2023

100

Provision

Carrying amount

At 30 June 2024

100

At 30 June 2023

100

 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Avtex (N.I.) Limited

Unit 600 Moat House 54 Bloomfield Avenue, Belfast, Northern Ireland, BT5 5AD

Ordinary

100%

100%

Subsidiary undertakings

Avtex (N.I.) Limited

The principal activity of Avtex (N.I.) Limited is dormant.

6

Stocks

2024
£

2023
£

Other inventories

1,327,595

1,315,974

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,694,187

1,810,544

Amounts owed by related parties

12

105,014

49,736

Prepayments

 

88,506

29,413

   

2,887,707

1,889,693

 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Details of non-current trade and other debtors

£60,696 (2023 -£49,736) of loans to related parties is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

4,487

-

Trade creditors

 

348,467

235,214

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

100

100

Taxation and social security

 

404,958

269,271

Accruals and deferred income

 

7,250

27,054

Other creditors

 

11,478

4,424

 

776,740

536,063

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

71,261

-

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

71,261

-

 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

4,487

-

11

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

17,417

-

Later than one year and not later than five years

15,932

-

33,349

-

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

16,667

100,000

Later than one year and not later than five years

-

16,667

16,667

116,667

The amount of non-cancellable operating lease payments recognised as an expense during the year was £100,000 (2023 - £100,000).

12

Related party transactions

The company has taken advantage of the exemption provided by section 33 of FRS 102 from the requirement to disclose transactions between wholly owned members of the same group.

 

Avtex Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

48,736

48,736

Advanced

55,278

55,278

At end of period

104,014

104,014

2023

Other related parties
£

Total
£

At start of period

20,000

20,000

Advanced

28,736

28,736

At end of period

48,736

48,736

Terms of loans to related parties

The loan was interest free and repayable upon demand.

13

Parent and ultimate parent undertaking

The company's immediate parent is TJ & JP Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Avtex Holdings Ltd, incorporated in England and Wales.

 The ultimate controlling party is Mr T J Hart.