2023-06-012024-05-312024-05-31false07163912AVANT GARDE (BASLOW) 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AVANT GARDE (BASLOW) LIMITED

Registered Number
07163912
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

AVANT GARDE (BASLOW) LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

HARRISON, Tracey Anne
THOMPSON, Gavin Richard

Registered Address

C/O Armstrong Watson First Floor
One Strawberry Lane
Newcastle Upon Tyne
NE1 4BX

Registered Number

07163912 (England and Wales)
AVANT GARDE (BASLOW) LIMITED
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets419,27122,261
19,27122,261
Current assets
Debtors576,81613,452
Cash at bank and on hand2,7294,018
79,54517,470
Creditors amounts falling due within one year6(74,265)(36,155)
Net current assets (liabilities)5,280(18,685)
Total assets less current liabilities24,5513,576
Creditors amounts falling due after one year7(6,065)(10,609)
Net assets18,486(7,033)
Capital and reserves
Called up share capital100100
Profit and loss account18,386(7,133)
Shareholders' funds18,486(7,033)
The financial statements were approved and authorised for issue by the Board of Directors on 10 February 2025, and are signed on its behalf by:
THOMPSON, Gavin Richard
Director
Registered Company No. 07163912
AVANT GARDE (BASLOW) LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents sales of household goods and furniture, electrical equipment and electrical installation works excluding VAT.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 5 years straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.Average number of employees

20242023
Average number of employees during the year32
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 June 2368,25068,250
At 31 May 2468,25068,250
Amortisation and impairment
At 01 June 2368,25068,250
At 31 May 2468,25068,250
Net book value
At 31 May 24--
At 31 May 23--
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 June 238,45728,9789,69047,125
Additions3,000--3,000
At 31 May 2411,45728,9789,69050,125
Depreciation and impairment
At 01 June 234,75411,8118,29924,864
Charge for year1,4264,2922725,990
At 31 May 246,18016,1038,57130,854
Net book value
At 31 May 245,27712,8751,11919,271
At 31 May 233,70317,1671,39122,261
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables75,48012,055
Prepayments and accrued income1,3361,397
Total76,81613,452
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables34,59012,528
Bank borrowings and overdrafts4,4734,361
Taxation and social security30,96512,678
Other creditors1,5885,028
Accrued liabilities and deferred income2,6491,560
Total74,26536,155
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts6,06510,609
Total6,06510,609