Averroes Limited
Directors: A. Afifi
A. T. Afifi
S. A. Afifi
T. Afifi
W. Afifi
Registered office: 6.12 Central House
1 Ballards Lane
London NW1 3LQ
Registered no: 06331320 (England & Wales)
Accountants: Shahmoon & Co.
Chartered accountants
6.12 Central House
1 Ballards Lane
London NW1 3LQ
Financial statements
For the year ended 31 December 2024
In Euro
page
Statement of financial position 1
Notes to the financial statements 2-5
Averroes Limited
Statement of financial position as at 31 December 2024
31.12.2024 31.12.2023
Notes
Fixed assets
Investments 5 1 1
Current assets
Cash at bank and in hand 0 672
- 672
Creditors: amounts falling due
within one year 7 (4,416) (9,564)
Net current liabilities (4,416) (8,892)
Total liabilities less assets (4,415) (8,891)
Creditors: amounts falling due 8
after more than one year (577,276) (527,710)
Net liabilities (€ 581,691) (€ 536,601)
Capital and deficit
Called up share Capital 9 1 1
Other reserves 131,252 169,225
Profit and loss account (712,944) (705,827)
Shareholders' fund (€ 581,691) (€ 536,601)
- -
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
__________________________
W. Afifi
Director 27 May 2025
Averroes Limited
Notes to the financial statements - 31 December 2024
COMPANY INFORMATION
1. Company Information
Averroes Limited is a private limited company incorporated and domiciled in England and Wales. The address of its registered office is 6.12 Central House, 1 Ballards Lane, London N3 1LQ.
The company is a wholly owned subsidiary of Epsilon Delta Achzakot Vehashkaot Ltd, a company registered in Israel.
2. Statement of Compliance
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.
3. Accounting Policies
3.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention.
The financial statements are presented in Euro.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
3.2 Going concern
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency of €581,691 on shareholders' funds as at 31 December 2024. The deficiency is financed by a long term loan from the parent company. The parent company confirmed that it will continue to support the company and its future cash flow requirements for a period of at least twelve months from the date of signing the accounts. The directors consider the going concern basis to be appropriate based on the above.
3.3 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
Averroes Limited
Notes to the financial statements - 31 December 2024
Accounting Policies (continued)
3.3 Financial instruments (continued)
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
3.4 Group Accounts
The company and its subsidiary comprise a small group. The company therefore has taken the advantage of the exemption provided by section 383 of the companies Act 2006 not to prepare group accounts.
3.5 Investment in subsidiary
Investment in subsidiary company is presented at cost less accumulated impairment losses.
3.6 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
Creditors
Basic financial liabilities including trade and other payable, bank loans, loans from group companies are measured at transaction price.
Long term loan advanced by the parent company is measured at present value, discounted at a market rate of interest.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date.
Non monetary items are translated into sterling at the actual rate ruling on the date of the transaction.
Foreign currency transactions relating to income and expenditure are translated into sterling at the rate of exchange ruling on the date of the transaction.
Exchange rate differences are recognised in profit or loss in the period which they arise.
4. Employee information
2024 2023
Number of employees 0 0
No remunerations paid to the directors during the above 2 years.
Averroes Limited
Notes to the financial statements - 31 December 2024
5. Fixed asset investment
31.12.2024 31.12.2023
Investment in subsidiary company
Cost les impairment
As at 1 January 2024 and 31 December 2024 1 1
6. Creditors: amounts falling due
within one year
31.12.2024 31.12.2023
Accruals 4,416 9,564
4,416 9,564
7. Creditors: amounts falling due
within more than one year
31.12.2024 31.12.2023
Loan from parent company 577,276 527,710
577,276 527,710
The loan is nominated in € and is repayable after more than 5 years. No interest is charged.
The loan is regarded as basic financial instrument and therefore is measured at present
value of future payment.
Averroes Limited
Notes to the financial statements - 31 December 2024
9. Share Capital
31.12.2024 31.12.2023
Allotted, called up and fully paid:
1 Ordinary shares of €1 each 1 1
10. Financial commitment
As at 31.12.24 and 31.12.23 the company did not have any financial commitments.
11. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr. Ran Shahmoon.
The auditor was Shahmoon & Co.
Date auditor signed accounts: 27 May 2025
Name of director signing accounts: W. Afifi
Date director signed accounts: 27 May 2025
12. USE OF OUR REPORT
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
13. Related party transactions:
Control:
The Company's ultimate parent undertaking and controlling party is Epsilon Delta Achzakot Vehashkaot Ltd, a company incorporated in Israel. Registered address is Sderot Nim 2, Rishon Lezion 7546354, Israel.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
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