Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29true2023-03-01falseNo description of principal activity22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13193472 2023-03-01 2024-02-29 13193472 2022-03-01 2023-02-28 13193472 2024-02-29 13193472 2023-02-28 13193472 c:Director1 2023-03-01 2024-02-29 13193472 d:FurnitureFittings 2023-03-01 2024-02-29 13193472 d:FurnitureFittings 2024-02-29 13193472 d:FurnitureFittings 2023-02-28 13193472 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 13193472 d:ComputerEquipment 2023-03-01 2024-02-29 13193472 d:ComputerEquipment 2024-02-29 13193472 d:ComputerEquipment 2023-02-28 13193472 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 13193472 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 13193472 d:FreeholdInvestmentProperty 2024-02-29 13193472 d:FreeholdInvestmentProperty 2023-02-28 13193472 d:FreeholdInvestmentProperty 2 2023-03-01 2024-02-29 13193472 d:CurrentFinancialInstruments 2024-02-29 13193472 d:CurrentFinancialInstruments 2023-02-28 13193472 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 13193472 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13193472 d:ShareCapital 2024-02-29 13193472 d:ShareCapital 2023-02-28 13193472 d:InvestmentPropertiesRevaluationReserve 2024-02-29 13193472 d:InvestmentPropertiesRevaluationReserve 2023-02-28 13193472 d:RetainedEarningsAccumulatedLosses 2024-02-29 13193472 d:RetainedEarningsAccumulatedLosses 2023-02-28 13193472 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 13193472 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13193472 c:OrdinaryShareClass1 2023-03-01 2024-02-29 13193472 c:OrdinaryShareClass1 2024-02-29 13193472 c:OrdinaryShareClass1 2023-02-28 13193472 c:FRS102 2023-03-01 2024-02-29 13193472 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 13193472 c:FullAccounts 2023-03-01 2024-02-29 13193472 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13193472 2 2023-03-01 2024-02-29 13193472 f:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13193472










AVA PARTNERS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
AVA PARTNERS LIMITED
REGISTERED NUMBER: 13193472

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,232
2,588

Investment property
 5 
2,440,000
2,250,000

  
2,460,232
2,252,588

Current assets
  

Debtors: amounts falling due within one year
 6 
552
676

Cash at bank and in hand
 7 
1,693
39,223

  
2,245
39,899

Creditors: amounts falling due within one year
 8 
(2,089,361)
(1,963,553)

Net current liabilities
  
 
 
(2,087,116)
 
 
(1,923,654)

Total assets less current liabilities
  
373,116
328,934

Provisions for liabilities
  

Deferred tax
 9 
(119,406)
(71,906)

  
 
 
(119,406)
 
 
(71,906)

Net assets
  
253,710
257,028


Capital and reserves
  

Called up share capital 
 10 
100
100

Non distributable profit and loss account
  
358,216
215,716

Profit and loss account
  
(104,606)
41,212

  
253,710
257,028


Page 1

 
AVA PARTNERS LIMITED
REGISTERED NUMBER: 13193472
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider 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 directors acknowledge their 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 comprehensive income 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: 




Alexandra Druzhinin
Director

Date: 24 February 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

AVA Partners Limited is a private company, limited by shares, incorporated in England and Wales on 10 February 2021, domiciled in England and Wales, registration number 13193472. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. 

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 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.

The financial statements are presented in sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current liabilities of £2,087,116 (2023: £1,923,654) at the balance sheet date. The financial statements have been prepared on a going concern basis because the shareholders of the company have confirmed their willingness and ability to support the company and enable payments to be made as they fall due for at least 12 months from the date of approval of the financial statements. 

 
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:

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

Interest income

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

Page 3

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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 reporting 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 reporting 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 reporting date.


 
2.7

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 4

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Straight line
Computer equipment
-
20%
Straight line

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers or by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss, net of relevant taxation.  

 
2.9

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.

 
2.10

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.

 
2.11

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 5

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 6

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees



The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
540
2,297
2,837


Additions
20,601
-
20,601



At 29 February 2024

21,141
2,297
23,438



Depreciation


At 1 March 2023
135
114
249


Charge for the year 
2,498
459
2,957



At 29 February 2024

2,633
573
3,206



Net book value



At 29 February 2024
18,508
1,724
20,232



At 28 February 2023
405
2,183
2,588

Page 8

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
2,250,000


Surplus on revaluation
190,000



At 29 February 2024
2,440,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Non distributable profit and loss account


At 1 March 2023
215,716
215,716

Revaluation net of deferred taxation
142,500
-

At 29 February 2024
358,216
215,716



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,962,378
1,962,378

1,962,378
1,962,378


6.


Debtors

2024
2023
£
£


Prepayments and accrued income
552
676

552
676


Page 9

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Bank and cash balances
1,693
39,223

1,693
39,223



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
2,887

Other taxation and social security
16,138
-

Other creditors
2,000,047
1,949,038

Accruals and deferred income
73,176
11,628

2,089,361
1,963,553



9.


Deferred taxation






2024


£






At beginning of year
(71,906)


Charged to profit and loss
(47,500)



At end of year
(119,406)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation gains
(119,406)
(71,906)

(119,406)
(71,906)

Page 10

 
AVA PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary Shares shares of £1.00 each
100
100



11.


Related party transactions

As at 29 February 2024, £2,000,047 (2023: £1,949,038) was owed to Felicity Trust, a trust in which both directors are trustees.                                The loan is interest bearing at a commercial rate, unsecured and repayable on demand. 


12.


Controlling party

The Company's ultimate parent company is Imperium Trust Company Limited, a company incorporated in Guernsey and registered in Second Floor, St Peter's House, Le Bordage, St Peter Port, GY1 1BR.

 
Page 11