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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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AVF HOLDINGS LIMITED
CONTENTS
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AVF HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024. The Company has minimal trading activity and the contents of this report are applicable to the Company's trading subsidiaries.
In the prior years the company and its subsidiaries were acquired by AVF Global Limited.
The market continues to be highly competitive and the group manages this risk through significant investment in new product development and marketing initiatives.
The operations of the group expose it to a variety of financial risks including the effects of changes in foreign currency exchange rates, credit risk and liquidity risk. The principal financial instruments of the group comprise Sterling, US Dollar, Euro and Canadian Dollar cash and bank accounts, bank overdrafts and loans together with trade debtors and trade creditors that arise directly from its operations. The main risks arising from the financial instruments of the group can be analysed as follows: Foreign currency risk The group is exposed in its trading operations to the risk of changes in foreign currency exchange rates. The group both buys and sells goods globally which therefore gives a natural hedge to an extent. The Board has also adopted a foreign exchange strategy to reduce the impact of foreign exchange rates movements as appropriate. The main foreign currencies in which the group operates are the US Dollar, Canadian Dollar and the Euro. The group has US-based subsidiaries which can affect the Sterling group Balance Sheet, as a result of the movements in the Sterling to Dollar exchange rates. Credit risk The principal financial assets of the group are bank balances, cash and trade debtors, which represent the group’s maximum exposure to credit risk in relation to financial assets. Credit risk is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating. In addition, the group takes out credit insurances for customers, where possible, and subject to the terms and conditions of the insurer. Liquidity risk The Group’s policy had been to ensure continuity of funding through arranging funding for operations via medium term bank loans and over-draft facilities to aid short-term flexibility.
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AVF HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Going concern The Group has seen an improvement in its financial position during 2024. In summer 2024 the business refinanced with a new lender through a three-year debtor based facility. The Board are pleased with this new relationship, which has been both positive and supportive. Management have prepared forecasts through to the end of 2026 which indicate that the business will continue to operate within agreed facilities over that period. The Group’s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report. The forecasts and projections, taking account of the recent improvements, indicate that the Group should be able to operate within the level of its current facility for at least 12 months from the date of signing these financial statements. In addition, after the year-end, BestQI Innovation Technology Co. made a strategic investment in the Group, further strengthening the Group’s position. Accordingly, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, and the financial statements have been prepared on a going concern basis. Financial key performance indicators The directors do not consider the Company to have any ongoing financial or non-financial key performance indicators. The Company for the foreseeable future will not actively trade. The directors expect that the Company will only receive dividends from subsidiaries and issue dividends to its parent company in future periods. Employee matters The group is committed to promoting policies to ensure that employees and those who seek to work for the group are treated equally regardless of sex, marital status, age, creed, colour, race or ethnic origin. The group gives full and fair consideration to applications for employment received from people with disabilities,having regard to their particular aptitudes and abilities. If employees become disabled, every effort is made to ensure that their employment continues and training or re-training is arranged and career development and promotion offered whenever practicable. The group’s policy is to provide equal opportunities to all its staff based upon the use of objective criteria and personal merit. The group believes in promoting the fullest involvement of employees in their work to gain their maximum understanding of and commitment to, the group’s objectives. This is achieved through regular meetings and an open management style that encourages participation and recognises effort. Environmental matters At all of the group’s locations around the world, the group seeks to maintain the highest standards, being aware of social and environmental responsibilities.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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AVF HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Company is that of a holding company.
The directors who served during the year were:
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AVF HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Business review, principal risks and uncertainties facing the company, key performance indicators, discussion of employee matters and discussion of environmental matters have been included within the Strategic Report.
On 16th June 2025, the company was acquired by BestQi Innovation Technology Co, a company incorporated in Hong Kong. The acquisition was completed through the purchase of 100% of the issued share capital of the company. As a result, BestQi Innovation Technology Co became the company’s ultimate parent undertaking from that date.
This event occurred after the balance sheet date and, therefore, has not been reflected in the financial statements for the year ended 31 December 2024. The directors do not consider this event to have a material impact on the company’s financial position as at the balance sheet date.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AVF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVF HOLDINGS LIMITED
We have audited the financial statements of AVF Holdings Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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AVF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVF HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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AVF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVF HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙A review of legal and professional expense nominal accounts for any indications of non-compliance with laws and regulations;
∙Peforming audit work over the risk of management override of controls, including testing of large and otherwise unusual journal entries and other adjustments for appropriateness;
∙Reviewing minutes of meetings of those charged with governance;and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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AVF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVF HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Birmingham, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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AVF HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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AVF HOLDINGS LIMITED
REGISTERED NUMBER: 05147493
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 17 form part of these financial statements.
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AVF HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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AVF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AVF Holdings Limited is a company limited by shares and incorporated in England and Wales. Its registered office is located at Road 30, Hortonwood, Telford, Shropshire, TF1 7YE.
The principal activity of the group is as a highly innovative designer and supplier of accessories focused on home entertainment support systems. The principal activity of the Company is that of a holding company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of AVF Global Limited as at 31 December 2024 and these financial statements may be obtained from Road 30, Hortonwood, Telford, Shropshire, TF1 7YE.
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AVF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has seen an improvement in its financial position during 2024. In summer 2024 the business refinanced with a new lender through a three-year debtor based facility. The Board are pleased with this new relationship, which has been both positive and supportive. Management have prepared forecasts through to the end of 2026 which indicate that the business will continue to operate within agreed facilities over that period.
The Group’s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report. The forecasts and projections, taking account of the recent improvements, indicate that the Group should be able to operate within the level of its current facility for at least 12 months from the date of signing these financial statements. In addition, after the year-end, BestQI Innovation Technology Co. made a strategic investment in the Group, further strengthening the Group’s position. Accordingly, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, and the financial statements have been prepared on a going concern basis.
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AVF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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AVF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AVF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AVF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital redemption reserve
Profit and loss account
The ultimate parent company and controlling Company is
Copies of the group financial statements of AVF Global Limited, being the only group accounts prepared in the UK that include AVF Property Holdings Limited, are available from Road 30, Hortonwood Industrial Estate, Telford, Shropshire, TF1 7YE. The groups ultimate controlling party is This event occurred after the balance sheet date and, therefore, has not been reflected in the financial statements for the year ended 31 December 2024. The directors do not consider this event to have a material impact on the company’s financial position as at the balance sheet date.
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