Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01true18falseNo description of principal activity13trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07950131 2023-04-01 2024-03-31 07950131 2022-04-01 2023-03-31 07950131 2024-03-31 07950131 2023-03-31 07950131 c:Director1 2023-04-01 2024-03-31 07950131 d:MotorVehicles 2023-04-01 2024-03-31 07950131 d:MotorVehicles 2024-03-31 07950131 d:MotorVehicles 2023-03-31 07950131 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07950131 d:FurnitureFittings 2023-04-01 2024-03-31 07950131 d:FurnitureFittings 2024-03-31 07950131 d:FurnitureFittings 2023-03-31 07950131 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07950131 d:OfficeEquipment 2023-04-01 2024-03-31 07950131 d:OfficeEquipment 2024-03-31 07950131 d:OfficeEquipment 2023-03-31 07950131 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07950131 d:ComputerEquipment 2023-04-01 2024-03-31 07950131 d:ComputerEquipment 2024-03-31 07950131 d:ComputerEquipment 2023-03-31 07950131 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07950131 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07950131 d:OtherPropertyPlantEquipment 2024-03-31 07950131 d:OtherPropertyPlantEquipment 2023-03-31 07950131 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07950131 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07950131 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 07950131 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 07950131 d:CurrentFinancialInstruments 2024-03-31 07950131 d:CurrentFinancialInstruments 2023-03-31 07950131 d:Non-currentFinancialInstruments 2024-03-31 07950131 d:Non-currentFinancialInstruments 2023-03-31 07950131 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07950131 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07950131 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07950131 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07950131 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 07950131 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 07950131 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 07950131 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07950131 d:ShareCapital 2024-03-31 07950131 d:ShareCapital 2023-03-31 07950131 d:RetainedEarningsAccumulatedLosses 2024-03-31 07950131 d:RetainedEarningsAccumulatedLosses 2023-03-31 07950131 c:FRS102 2023-04-01 2024-03-31 07950131 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07950131 c:FullAccounts 2023-04-01 2024-03-31 07950131 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07950131 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 07950131 2 2023-04-01 2024-03-31 07950131 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07950131 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07950131 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 07950131 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 07950131 d:RetirementBenefitObligationsDeferredTax 2024-03-31 07950131 d:RetirementBenefitObligationsDeferredTax 2023-03-31 07950131 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 07950131 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number:  07950131














AVM SOLUTIONS (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


 
AVM SOLUTIONS (UK) LTD
REGISTERED NUMBER: 07950131

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
175,779
112,792

Tangible assets
 5 
101,704
94,298

  
277,483
207,090

Current assets
  

Stocks
 6 
263,296
228,774

Debtors: amounts falling due within one year
 7 
617,695
664,157

Cash at bank and in hand
 8 
445
91,315

  
881,436
984,246

Creditors: amounts falling due within one year
 9 
(1,007,899)
(840,460)

Net current (liabilities)/assets
  
 
 
(126,463)
 
 
143,786

Total assets less current liabilities
  
151,020
350,876

Creditors: amounts falling due after more than one year
 10 
(117,314)
(172,527)

Provisions for liabilities
  

Deferred tax
 12 
(21,003)
(36,804)

  
 
 
(21,003)
 
 
(36,804)

Net assets
  
12,703
141,545


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
12,603
141,445

  
12,703
141,545


Page 1

 
AVM SOLUTIONS (UK) LTD
REGISTERED NUMBER: 07950131
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
K M Mistry
Director

Date: 17 February 2025

The notes on pages 3 to 17 form part of these financial statements.

Page 2

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 07950131). The registered office is Minerva House, 8-10 Minerva Road, Farnworth, Bolton, Lancashire, BL4 0HX.
These financial statements present information about the Company as an individual undertaking. The principal activity of the Company is that of provisioning audio & visual equipment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company 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.

Page 4

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.


 
2.11

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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.

Page 6

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-
25%
reducing balance
Alterations
-
25%
reducing balance

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.

 
2.13

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 balance sheet 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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 7

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 13).

Page 8

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Development expenditure

£



Cost


At 1 April 2023
160,074


Additions
82,518



At 31 March 2024

242,592



Amortisation


At 1 April 2023
47,282


Charge for the year on owned assets
19,531



At 31 March 2024

66,813



Net book value



At 31 March 2024
175,779



At 31 March 2023
112,792



Page 9

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Alterations

£
£
£
£
£



Cost or valuation


At 1 April 2023
9,664
710
57,868
17,620
142,877


Additions
-
-
19,524
6,322
11,130



At 31 March 2024

9,664
710
77,392
23,942
154,007



Depreciation


At 1 April 2023
6,264
585
44,015
8,665
74,912


Charge for the year on owned assets
850
32
5,095
3,819
19,774



At 31 March 2024

7,114
617
49,110
12,484
94,686



Net book value



At 31 March 2024
2,550
93
28,282
11,458
59,321



At 31 March 2023
3,400
125
13,853
8,955
67,965
Page 10

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
228,739


Additions
36,976



At 31 March 2024

265,715



Depreciation


At 1 April 2023
134,441


Charge for the year on owned assets
29,570



At 31 March 2024

164,011



Net book value



At 31 March 2024
101,704



At 31 March 2023
94,298

Page 11

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Stocks

2024
2023
£
£

Raw materials and consumables
71,972
79,137

Work in progress
191,324
149,637

263,296
228,774



7.


Debtors

2024
2023
£
£


Trade debtors
255,613
226,982

Other debtors
304,753
390,114

Prepayments and accrued income
57,329
47,061

617,695
664,157



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
445
91,315

Less: bank overdrafts
(270,861)
(64,173)

(270,416)
27,142


Page 12

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
270,861
64,173

Bank loans
44,000
44,000

Other loans
16,430
15,189

Trade creditors
274,595
310,860

Corporation tax
13,898
6,658

Other taxation and social security
77,849
80,870

Other creditors
13,644
17,431

Accruals and deferred income
296,622
301,279

1,007,899
840,460


The following liabilities were secured:

2024
2023
£
£



Bank loans
44,000
44,000

Other loans
16,430
15,189

60,430
59,189

Details of security provided:

The bank and other loans are secured by fixed and floating charges held against the assets of the Company.

Page 13

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
58,667
102,667

Other loans
58,647
69,860

117,314
172,527


The following liabilities were secured:

2024
2023
£
£



Bank loans
58,667
102,667

Other loans
58,647
69,860

117,314
172,527

Details of security provided:

The bank and other loans are secured by fixed and floating charges held against the assets of the Company.

Page 14

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
44,000
44,000

Other loans
16,430
15,189


60,430
59,189

Amounts falling due 1-2 years

Bank loans
44,000
44,000

Other loans
17,900
15,548


61,900
59,548

Amounts falling due 2-5 years

Bank loans
14,666
58,667

Other loans
40,747
54,313


55,413
112,980


177,743
231,717


Page 15

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Deferred taxation




2024


£






At beginning of year
(36,804)


Charged to profit or loss
15,802



At end of year
(21,002)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(28,235)
(37,301)

Tax losses carried forward
6,276
-

Short term timing differences
957
497

(21,002)
(36,804)


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £18,511 (2023 - £20,653). Contributions totalling £4,144 (2023 - £4,146) were payable to the fund at the balance sheet date and are included in creditors.

Page 16

 
AVM SOLUTIONS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Related party transactions

Included within debtors and creditors are the following amounts due (to) / from related parties.


2024
2023
£
£

K M Mistry
52,643
137,697
K Mistry
42,500
12,307
Commtech Global Limited
123,901
123,901
Niya Holdings Limited
83,208
116,208
302,252
390,113

K M Mistry is a director and shareholder, K Mistry is a shareholder.
Niya Holdings Limited is the parent company.
Commtech Global Limited is a fellow subsidiary.
The loans are repayable on demand, have no fixed repayment terms and no interest has been charged.


15.


Controlling party

The Company is under the control of the director.
 
Page 17