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AVGO BIOTECH LTD

Registered Number
09348039
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

AVGO BIOTECH LTD
Company Information
for the year from 1 January 2024 to 31 December 2024

Director

STACEY, Andrew Laurence

Registered Address

17 North Parade
Grantham
NG31 8AT

Registered Number

09348039 (England and Wales)
AVGO BIOTECH LTD
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets321,6771,200
Tangible assets43,1154,154
24,7925,354
Current assets
Debtors553,81744,761
Cash at bank and on hand29,299
53,81954,060
Creditors amounts falling due within one year6(37,337)(35,028)
Net current assets (liabilities)16,48219,032
Total assets less current liabilities41,27424,386
Net assets41,27424,386
Capital and reserves
Called up share capital204187
Share premium433,966385,112
Profit and loss account(392,896)(360,913)
Shareholders' funds41,27424,386
The financial statements were approved and authorised for issue by the Director on 27 March 2025, and are signed on its behalf by:
STACEY, Andrew Laurence
Director
Registered Company No. 09348039
AVGO BIOTECH LTD
Notes to the Financial Statements
for the year ended 31 December 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.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Development costs
Capitalised development costs are stated at cost less accumulated amortisation and accumulated impairment losses (cost model). Amortisation is recognised using the straight-line basis and results in the carrying amount being expensed in profit or loss over the estimated useful life.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year12
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 241,2001,200
Additions20,47720,477
At 31 December 2421,67721,677
Net book value
At 31 December 2421,67721,677
At 31 December 231,2001,200
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 January 2426,8041681,21628,188
At 31 December 2426,8041681,21628,188
Depreciation and impairment
At 01 January 2422,6501681,21624,034
Charge for year1,039--1,039
At 31 December 2423,6891681,21625,073
Net book value
At 31 December 243,115--3,115
At 31 December 234,154--4,154
5.Debtors: amounts due within one year

2024

2023

££
Amounts owed by associates and joint ventures / participating interests37,69034,979
Other debtors16,1279,782
Total53,81744,761
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables12,14632,917
Bank borrowings and overdrafts14,4002,111
Amounts owed to related parties298-
Taxation and social security3,931-
Other creditors6,562-
Total37,33735,028
7.Secured creditors
There is a fixed and floating charge held by HSBC Bank Plc over all the company's assets, this covers all the property or undertakings of the company.
8.Share capital
During the year new shares were issued, the nominal value of each share was £0.001, leading to a total value of £204.236. (2023: £187.384). At the year end there was called up unpaid share capital totalling £15747, this was paid on 31/1/25.
9.Related party transactions
During the year interest free loans were made available to the business by directors of £298. There were also interest free debts to associated companies totalling £37690 at the year end (2023 £34979).