Company No:
Contents
| DIRECTORS | J Davis |
| R Ellis | |
| P Gladdish | |
| D Groves | |
| G Michalakidis | |
| A Mistry (Appointed 01 May 2024) | |
| D Savage |
| REGISTERED OFFICE | First Floor |
| 5 Fleet Place | |
| London | |
| EC4M 7RD | |
| United Kingdom |
| COMPANY NUMBER | 11406613 (England and Wales) |
| AUDITOR | S&W Partners Audit Limited |
| Statutory Auditor | |
| Brockbourne House | |
| 77 Mount Ephraim | |
| Royal Tunbridge Wells | |
| TN4 8BS | |
| United Kingdom |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Intangible assets | 4 |
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| Tangible assets | 5 |
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| Investments | 6 |
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| 3,040,305 | 1,993,120 | |||
| Current assets | ||||
| Debtors | 7 |
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| Cash at bank and in hand |
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| 1,232,196 | 754,493 | |||
| Creditors: amounts falling due within one year | 8 | (
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| Net current liabilities | (3,115,106) | (667,251) | ||
| Total assets less current liabilities | (74,801) | 1,325,869 | ||
| Creditors: amounts falling due after more than one year | 9 |
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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The financial statements of AVC Wise Limited (registered number:
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A Mistry
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
AVC Wise Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of AVC Wise Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The Company reported a profit in 2024, reducing the net liability position from £960,697 to £74,801 at the balance sheet date. Notably the net current liability position has increased from £667,251 to £3,115,106, as creditors due within one year include loans repayable of £3,142,898, compared to £402,876 in the year ended 31 December 2023, where the balance of £2,286,566 was included within creditors due after more than one year. As disclosed in note 10, loan extensions were agreed in January 2025 and are now due to be repaid by 31 December 2028. Following the extension, £83,333 is now repayable within the year ended 31 December 2025.
The directors have made their assessment that the Company is a going concern using all available information including management accounts and cash flow forecasts which cover a period of more than 12 months from the date of approval of these financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.
The Company earns revenue from the provision of services to both Partner firms and their employees. Revenue is recognised when services are delivered and there is a contractual right to consideration.
The Company also receives commission income from third-party providers in connection with employee participation in certain products and services. Commission revenue is recognised when the Company has fulfilled its performance obligations under the relevant agreements and it is probable that the economic benefits will flow to the Company.
Where services are provided under ongoing contracts, revenue is recognised over time by reference to the stage of completion.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
| Development costs |
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| Plant and machinery |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The directors have identified that the ageing of the loans reported in the 2023 financial statements did not accurately reflect the loan agreements. The directors have now restated the 2023 other loans balance to reduce the amount showing as falling due within one year and increase the amounts showing as falling due after more than one year in line with the loan agreements. There is no impact on the profit/loss for the period.
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 December 2023 | £ | £ | £ | |||
| Creditors: amounts falling due within one year - Other loans | 1,320,000 | (917,124) | 402,876 | |||
| Creditors: amounts falling due after more than one year - Other loans | 1,369,442 | 917,124 | 2,286,566 |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Development costs | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| Additions |
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| Disposals | (
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| At 31 December 2024 |
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| Accumulated amortisation | |||
| At 01 January 2024 |
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| Charge for the financial year |
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| Disposals | (
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Plant and machinery | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 |
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| At 31 December 2023 |
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Investments in subsidiaries
| 2024 | |
| £ | |
| Cost | |
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Other loans |
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| Accruals |
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| Taxation and social security |
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| Other creditors |
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The 2023 other loans balance of £402,876 above has been restated as set out in note 2.
| 2024 | 2023 | ||
| £ | £ | ||
| Other loans |
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The 2023 other loans balance of £2,286,566 above has been restated as set out in note 2.
Certain employees of the Company have been granted options in the share option scheme of the Company for the primary purpose of providing incentives to the selected employees. Under the scheme, the board of the directors may grant options to eligible employees of the Company to subscribe for shares in the Company.
No expense relating to the share-based payments has been recognised in the accounts because the Directors have determined that the fair value of such awards was not considered material.
The financial statements of AVC Wise Limited for the year ended 31 December 2023 were unaudited.
The audit report was signed by Matthew Neill BA (Hons) MA FCA on behalf of S&W Partners Audit Limited.