Aventur Group Ltd 31/12/2021 iXBRL

Aventur Group Ltd 31/12/2021 iXBRL

AVENTUR GROUP LTD - Company Information

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Company registration number: 13099489
(England and Wales)
Aventur Group Ltd
Unaudited filleted financial statements
for the period from 24 December 2020 to
31 December 2021
Aventur Group Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Aventur Group Ltd
Directors and other information
Directors Mr S Body (Appointed 25 January 2021)
Mr T Young (Appointed 24 December 2020)
Company number 13099489
Registered office No.1 London Bridge
London
SE1 9BG
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Aventur Group Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Aventur Group Ltd
Period ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aventur Group Ltd for the period ended 31 December 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Aventur Group Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aventur Group Ltd and state those matters that we have agreed to state to the board of directors of Aventur Group Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aventur Group Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Aventur Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Aventur Group Ltd. You consider that Aventur Group Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Aventur Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
31 August 2022
Aventur Group Ltd
Statement of financial position
31 December 2021
31/12/21
Note £ £
Fixed assets
Investments 5 4,100
_______
4,100
Current assets
Debtors 6 46,923
Cash at bank and in hand 104,514
_______
151,437
Creditors: amounts falling due
within one year 7 ( 153,214)
_______
Net current liabilities ( 1,777)
_______
Total assets less current liabilities 2,323
_______
Net assets 2,323
_______
Capital and reserves
Called up share capital 8 1,014
Share premium account 129,900
Profit and loss account ( 128,591)
_______
Shareholders funds 2,323
_______
For the period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2022 , and are signed on behalf of the board by:
Mr S Body Mr T Young
Director Director
Company registration number: 13099489
Aventur Group Ltd
Statement of changes in equity
Period ended 31 December 2021
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 24 December 2020 - - - -
Loss for the period ( 128,591) ( 128,591)
_______ _______ _______ _______
Total comprehensive income for the period - - ( 128,591) ( 128,591)
Issue of shares 1,014 129,900 130,914
_______ _______ _______ _______
Total investments by and distributions to owners 1,014 129,900 - 130,914
_______ _______ _______ _______
At 31 December 2021 1,014 129,900 ( 128,591) 2,323
_______ _______ _______ _______
Aventur Group Ltd
Notes to the financial statements
Period ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is No.1 London Bridge, London, SE1 9BG.
The principal activity of the company continues to be software and information technology development.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 24 December 2020 - -
Additions 4,100 4,100
_______ _______
At 31 December 2021 4,100 4,100
_______ _______
Impairment
At 24 December 2020 and 31 December 2021 - -
_______ _______
Carrying amount
At 31 December 2021 4,100 4,100
_______ _______
6. Debtors
31/12/21
£
Amounts owed by group undertakings 500
Other debtors 46,423
_______
46,923
_______
7. Creditors: amounts falling due within one year
31/12/21
£
Amounts owed to group undertakings 19,493
Other creditors 133,721
_______
153,214
_______
8. Called up share capital
Issued, called up and fully paid
31/12/21
No £
Ordinary shares of £ 0.001 each 1,014,013 1,014
_______ _______
On 24 December 2020, 10,000 Ordinary 10p shares were issued at par, being the subscriber shares of the company. On 15 November 2021, the share capital of 10,000 Ordinary 10p shares were sub-divided into 1,000,000 Ordinary 0.1p shares . On 24 December 2021, there were further allotments of shares qualifying under SEIS. 6,613 Ordinary 0.1p shares were issued at £7.56 per share, and 7,400 Ordinary 0.1p shares were issued at £10.80 per share.
9. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value Balance owed by /(owed to)
Period Period
ended ended
31/12/21 31/12/21
£ £
Amounts loaned to connected companies 300 300
_______ _______
Amounts loaned to group companies 500 500
_______ _______
Amounts loaned from connected companies (131,204) (131,204)
_______ _______
Amounts loaned from group companies ( 19,493) ( 19,493)
_______ _______
The loans above are repayable on demand and no interest is charged on the outstanding balance.