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Registration number: 13357155

Pyrrhocorax Avosetta Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Pyrrhocorax Avosetta Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Pyrrhocorax Avosetta Ltd

(Registration number: 13357155)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,582

12,323

Investment property

691,095

577,825

Other financial assets

5

581,980

507,996

 

1,280,657

1,098,144

Current assets

 

Debtors

6

-

1,782

Cash at bank and in hand

 

10,591

127,225

 

10,591

129,007

Creditors: Amounts falling due within one year

(702,152)

(951,573)

Net current liabilities

 

(691,561)

(822,566)

Total assets less current liabilities

 

589,096

275,578

Provisions for liabilities

(23,541)

(11,713)

Net assets

 

565,555

263,865

Capital and reserves

 

Called up share capital

100

100

Other reserves

130,563

35,138

Profit and loss account

434,892

228,627

Total equity

 

565,555

263,865

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 25 January 2025 and signed on its behalf by:
 

Mrs E Beale

Director

Mr T J Beale

Director

 

Pyrrhocorax Avosetta Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 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:
Trenavin House
Trevigro
Callington
Cornwall
PL17 7JT

These financial statements were authorised for issue by the Board on 25 January 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities an amount of is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

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 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Pyrrhocorax Avosetta Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

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 & Fittings

25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2023

23,298

23,298

Additions

1,445

1,445

At 30 April 2024

24,743

24,743

Depreciation

At 1 May 2023

10,975

10,975

Charge for the year

6,186

6,186

At 30 April 2024

17,161

17,161

Carrying amount

At 30 April 2024

7,582

7,582

At 30 April 2023

12,323

12,323

Investment properties

 

Pyrrhocorax Avosetta Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

2024
£

At 1 May

577,825

Additions

69,445

Fair value adjustments

43,825

At 30 April

691,095

There has been no valuation of investment property by an independent valuer.

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

507,996

507,996

Fair value adjustments

21,822

21,822

Additions

56,889

56,889

Disposals

(4,727)

(4,727)

At 30 April 2024

581,980

581,980

Carrying amount

At 30 April 2024

581,980

581,980

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.