AVG Imperial Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09347372 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

AVG Imperial Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J Williams

REGISTERED OFFICE:

Hughes House

Cargo Fleet Road

Middlesbrough

Cleveland

TS3 6AG

REGISTERED NUMBER:

09347372 (England and Wales)

ACCOUNTANTS:

JBC Accountants Limited

Chartered Accountants

3B Lockheed Court

Preston Farm

Stockton on Tees

TS18 3SH

FIXED ASSETS

Tangible assets

4

21,617,831

22,101,455

Investments

5

100,000

100,000

21,717,831

22,201,455

CURRENT ASSETS

Debtors

6

599,123

1,117,572

Cash at bank

97,690

64,774

696,813

1,182,346

CREDITORS

Amounts falling due within one year

7

50,039,858

2,269,285

NET CURRENT LIABILITIES

(49,343,045

)

(1,086,939

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(27,625,214

)

21,114,516

CREDITORS

Amounts falling due after more than one year

8

28,313

37,633,070

NET LIABILITIES

(27,653,527

)

(16,518,554

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

749,900

749,900

Retained earnings

(28,404,427

)

(17,269,454

)

SHAREHOLDERS' FUNDS

(27,653,527

)

(16,518,554

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 April 2023 and were signed by:

Mr J Williams - Director

1.	STATUTORY INFORMATION

AVG Imperial Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

On 24th March 2023 the entire share capital of the company was acquired by Generate UK AD I Limited. The new owners have provided financial support and are investing in the long-term future of the company and the company has therefore adopted the going concern basis in preparing its financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

5% on reducing balance and 2% on cost

Plant and machinery etc

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Current and deferred 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Borrowing costs

Borrowing costs that are directly attributable to the construction phase of the buildings within tangible fixed assets have been capitalised and included as part of the cost of those assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

and 31 December 2022

24,265,476

36,000

24,301,476

DEPRECIATION

At 1 January 2022

2,175,411

24,610

2,200,021

Charge for year

474,624

9,000

483,624

At 31 December 2022

2,650,035

33,610

2,683,645

NET BOOK VALUE

At 31 December 2022

21,615,441

2,390

21,617,831

At 31 December 2021

22,090,065

11,390

22,101,455

Included in cost of land and buildings is freehold land of £ 533,743 (2021 - £ 533,743 ) which is not depreciated.

Land & buildings shown above are secured by way of debenture against the borrowings held with SQN Asset Finance Income Fund Limited, details of which can be seen in note 10.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

300,000

PROVISIONS

At 1 January 2022

and 31 December 2022

200,000

NET BOOK VALUE

At 31 December 2022

100,000

At 31 December 2021

100,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

381,683

737,503

Amounts owed by group undertakings

2,176

-

Other debtors

215,264

380,069

599,123

1,117,572

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

1,016,034

776,060

Taxation and social security

-

7,509

Other creditors

49,023,824

1,485,716

50,039,858

2,269,285

.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

28,313

37,633,070

Amounts falling due in more than five years:

Repayable by instalments

Other loans - more than 5 year

-

31,254,737

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Other creditors

47,910,507

-

At the balance sheet date, SQN Asset Finance Income Fund Limited held fixed and floating charges over all assets of the company. These charges were satisfied on 28th March 2023.

10.	POST BALANCE SHEET EVENTS

At 24th March 2023 the entire share capital of the company was acquired by Generate UK AD I Limited. On the 28th March 2023, the charge held by SQN Asset Finance Income Fund Limited (SQN) was satisfied in full and amounts owed to SQN were cleared.

Up to the date of approval of these financial statements, Generate UK AD I Limited have provided over £2 million of loans to the company.