Avesi Limited - Accounts to registrar (filleted) - small 18.2
Avesi Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 December 2021 |
| for |
| Avesi Limited |
| Avesi Limited (Registered number: 07347748) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Avesi Limited |
| Company Information |
| for the Year Ended 31 December 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| 1 Rushmills |
| Bedford Road |
| Northampton |
| NN4 7YB |
| Avesi Limited (Registered number: 07347748) |
| Balance Sheet |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Share premium |
| Capital redemption reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Avesi Limited (Registered number: 07347748) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| Avesi Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company operates across a number of sites and does not have one singular place of business. |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There are no material departures from this standard. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover for the period represents sale of electricity and Feed in Tariffs net of any applicable Value added tax. |
| Tangible fixed assets |
| Plant and machinery | - |
| 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. |
| 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. |
| Avesi Limited (Registered number: 07347748) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Going concern |
| At the year end, the company has net liabilities of £61,496 (2020: £34,400). The company is expected to continue to trade profitably before depreciation and amortisation of the loan stock discount and the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as a result of the continued financial support of its loan stock holders. Therefore the financial statements have been prepared on the going concern basis. |
| The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| VAT |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| VAT | - | 375 |
| Accrued interest and expenses |
| Avesi Limited (Registered number: 07347748) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Loan stock |
| Loan stock has been issued by the company as follows: |
| Issue date | Principal | Issue price |
| January 2011 | £400,000 | £268,000 |
| March 2012 | £1,150,000 | £770,500 |
| February 2015 | £80,000 | £80,000 |
| £1,630,000 | £1,118,500 |
| £1,550,000 loan stock has a 20 year term from April 2012 and is repayable in monthly instalments after the fifth anniversary of issue. The discount is being amortised over 19 years. |
| The cumulative amortisation at 31 December 2021 was £244,026 (2020: £215,368). |
| £80,000 loan stock is redeemable on 31 December 2035. The loan stock is secured on the assets of the company. |
| In the year £73,645 (2020: £67,195) of principal was repaid by the company. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | 1p | 512 | 512 |
| A Ordinary | 1p | 511 | 511 |
| 1,023 | 1,023 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | RELATED PARTY DISCLOSURES |
| Loan stock of £1,630,000 referred to in note 10 was issued to certain shareholders of the company. Interest payable on the loan stock during the year amounted to £117,228 (2020: £123,678 ). Loan interest of £279,330 (2020: £279,330) was accrued at the balance sheet date. During the current and preceding period the company recognised subscription discounts of £26,921. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is R Armour by virtue of his shareholdings. |