REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
AVENFIELD DEVELOPMENTS LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash and cash equivalents |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES | 9 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) |
SHAREHOLDERS' (DEFICIT)/FUNDS | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investment |
£ |
COST |
At 1 January 2023 |
Impairments | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Prepayments and accrued income |
Accruals | ( |
) | ( |
) |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors | ( |
) |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 9,654 | 28,071 |
Other creditors |
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 |
Balance at 31 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
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. |