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REGISTERED NUMBER: 13925717 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

AVENFIELD DEVELOPMENTS LTD

AVENFIELD DEVELOPMENTS LTD (Registered number: 13925717)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AVENFIELD DEVELOPMENTS LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M A M Ahmed
M Gioiella





REGISTERED OFFICE: 23 Montpelier Street
London
SW7 1HF





REGISTERED NUMBER: 13925717 (England and Wales)





ACCOUNTANTS: The Peek Partnership Ltd
Unit 1,
Chancerygate Business Centre
Stonefiled Way
Ruislip
Middlesex
HA4 0JA

AVENFIELD DEVELOPMENTS LTD (Registered number: 13925717)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,368 932
Investments 6 1,000,000 1,875,000
1,003,368 1,875,932

CURRENT ASSETS
Debtors 7 37,982 159,060
Cash and cash equivalents 166,592 569,869
204,574 728,929
CREDITORS
Amounts falling due within one year 8 1,324,881 2,525,331
NET CURRENT LIABILITIES (1,120,307 ) (1,796,402 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(116,939

)

79,530

PROVISIONS FOR LIABILITIES 9 215 215
NET (LIABILITIES)/ASSETS (117,154 ) 79,315

CAPITAL AND RESERVES
Called up share capital 10 1,034,814 1
Retained earnings (1,151,968 ) 79,314
SHAREHOLDERS' (DEFICIT)/FUNDS (117,154 ) 79,315

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AVENFIELD DEVELOPMENTS LTD (Registered number: 13925717)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





M Gioiella - Director


AVENFIELD DEVELOPMENTS LTD (Registered number: 13925717)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

AVENFIELD DEVELOPMENTS LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line basis - 4 years.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AVENFIELD DEVELOPMENTS LTD (Registered number: 13925717)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. This confidence is based on the improved trading results of the business post year end and a strong pipeline of projects, which includes new opportunities from existing clients.

Fixed asset investments
Interests in subsidiaries, associates, and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Investments are assessed for impairment at each reporting date. Any impairment losses or reversals of impairment losses are recognised immediately in Profit or Loss.

Events after balance sheet date
On 12th December 2024, Morpheus & Co (Design) Ltd, a 50% owned company, entered into administration. There is no reasonable expectation of the shareholders receiving any return for their shares, and consequently, the investment previously held at a cost of £875,000 and the loan of £125,000, have both been written down to £ nil.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

AVENFIELD DEVELOPMENTS LTD (Registered number: 13925717)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 1,156
Additions 3,474
At 31 December 2023 4,630
DEPRECIATION
At 1 January 2023 224
Charge for year 1,038
At 31 December 2023 1,262
NET BOOK VALUE
At 31 December 2023 3,368
At 31 December 2022 932

6. FIXED ASSET INVESTMENTS
Unlisted
investment
£   
COST
At 1 January 2023 1,875,000
Impairments (875,000 )
At 31 December 2023 1,000,000
NET BOOK VALUE
At 31 December 2023 1,000,000
At 31 December 2022 1,875,000

AVENFIELD DEVELOPMENTS LTD (Registered number: 13925717)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS - continued

Impairment of Fixed Assets and Investments

At the end of each reporting period, the company reviews the carrying amounts of its tangible assets and investments to determine whether there are indications that those assets and Investments have suffered an impairment loss. If such indications exist, the recoverable amount of the asset or investment is estimated to ascertain the extent of the impairment loss, if any. Where it is not feasible to estimate the recoverable amount of an individual asset, the company assesses the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value, less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is determined to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. Any impairment loss is recognised immediately in profit or loss unless the relevant asset is recorded at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed only if the reasons for the impairment have ceased to apply. When an impairment loss is subsequently reversed, the carrying amount of the asset or investment (or cash-generating unit) is increased to the revised estimate of its recoverable amount, ensuring that the increased carrying amount does not exceed the amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss unless the relevant asset is recorded at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Also, see the "Event after balance sheet date" note given above.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Other debtors 1 495
Prepayments and accrued income 38,208 159,951
Accruals (227 ) (1,386 )
37,982 159,060

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 3,624 (5,066 )
Amounts owed to group undertakings 1,203,454 2,085,938
Social security and other taxes 2,396 24,455
VAT 9,654 28,071
Other creditors 105,753 391,933
1,324,881 2,525,331

AVENFIELD DEVELOPMENTS LTD (Registered number: 13925717)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

There is an amount of £1,203,454 due to Novus Incorporated limited is the 100% share holder of the company.

9. PROVISIONS FOR LIABILITIES
31/12/23 31/12/22
£    £   
Deferred tax 215 215

Deferred
tax
£   
Balance at 1 January 2023 215
Balance at 31 December 2023 215

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
1,034,813 Ordinary 1 1,034,814 1

11. ULTIMATE CONTROLLING PARTY

The controlling party is Novus Incorporated limited.

A company is incorporated in England and Wales, and its registered address is 23 Montpelier Street, London, England, SW7 1HF.