NB Avenue Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09909042 (England and Wales)

NB Avenue Limited

Unaudited Financial Statements

For The Year Ended 31 July 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss N Banga

N Banga

SECRETARY:

Ms S J Fleming

REGISTERED OFFICE:

Unit 8, Clayton Court

City Works

5 Welcomb Street

Openshaw

Manchester

M11 2NB

REGISTERED NUMBER:

09909042 (England and Wales)

ACCOUNTANTS:

DJH Mitten Clarke Manchester Limited

Chartered Accountants

St George's House

56 Peter Street

Manchester

M2 3NQ

FIXED ASSETS

Intangible assets

4

2,306

2,712

Tangible assets

5

86,946

49,452

89,252

52,164

CURRENT ASSETS

Stocks

586,623

627,960

Debtors

6

5,188,781

3,091,104

Cash at bank and in hand

408,525

1,300,559

6,183,929

5,019,623

CREDITORS

Amounts falling due within one year

7

3,845,184

2,970,567

NET CURRENT ASSETS

2,338,745

2,049,056

TOTAL ASSETS LESS CURRENT LIABILITIES

2,427,997

2,101,220

CREDITORS

Amounts falling due after more than one year

8

(729,167

)

(814,433

)

PROVISIONS FOR LIABILITIES

(13,652

)

(8,723

)

NET ASSETS

1,685,178

1,278,064

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,685,078

1,277,964

1,685,178

1,278,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2022 and were signed on its behalf by:

Miss N Banga - Director

1.	STATUTORY INFORMATION

NB Avenue 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the these financial statements are rounded to the nearest £.

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.

Turnover

The turnover shown in the profit and loss accounts represents the value of sales delivered during the year at selling price, exclusive of valued added tax. Sales are recognised at the point at which the company has fulfilled its contractual obligation to the customers and taken into consideration discounts, settlement discounts and rebates.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development cost are being amortised at 15% reducing balance.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprises direct materials, and where applicable direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Stocks held for distribution are measured at the lower of replacement costs. Costs are adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairments are also recognised in the profit and loss.

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.

Foreign currencies

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the date, or, if the asset or liability is measured at fair value, then the rate when the fair value was determined.

All translation differences are taken to the profit and loss, except to the extent that they relate to gains and losses on non-monetary items recognised in the comprehensive income.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2020 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2020

and 31 July 2021

3,500

AMORTISATION

At 1 August 2020

788

Charge for year

406

At 31 July 2021

1,194

NET BOOK VALUE

At 31 July 2021

2,306

At 31 July 2020

2,712

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2020

2,704

40,460

34,059

77,223

Additions

5,655

39,289

23,420

68,364

Disposals

(2,500

)

-

(12,500

)

(15,000

)

At 31 July 2021

5,859

79,749

44,979

130,587

DEPRECIATION

At 1 August 2020

979

12,149

14,643

27,771

Charge for year

536

6,751

9,674

16,961

Eliminated on disposal

(1,091

)

-

-

(1,091

)

At 31 July 2021

424

18,900

24,317

43,641

NET BOOK VALUE

At 31 July 2021

5,435

60,849

20,662

86,946

At 31 July 2020

1,725

28,311

19,416

49,452

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

as

restated

£

£

Trade debtors

1,970,036

500,622

Other debtors

3,218,745

2,590,482

5,188,781

3,091,104

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

as

restated

£

£

Bank loans and overdrafts

250,000

185,566

Trade creditors

3,059,716

2,216,282

Taxation and social security

377,313

458,055

Other creditors

158,155

110,664

3,845,184

2,970,567

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

as

restated

£

£

Bank loans

729,167

814,433

9.	OTHER FINANCIAL COMMITMENTS

Operating Leases

At 31st July 2021, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £20,833 (2020: £48,609).

10.	RELATED PARTY DISCLOSURES

Cheeky Buddha Limited

A company in which Mrs A Banga and Mr K Banga are the sole directors and shareholder.

During the period the company had sales of £Nil (2020: £279,554) with Cheeky Buddha Limited, it made purchases of £9,310 (2020: £Nil) and made recharges of £7,650 (2020: £3,569). At the year end an amount of £29,343 (2020: £36,994) was due from Cheeky Buddha Limited. This has been provided against as Cheeky Buddha Limited is now in liquidation.

Knnak Limited

A company in which Miss N Banga and Mr K Banga are directors.

During the period rent and service charges were paid to Knnak Limited totalling £28,340 (2020: £42,049). Interest on outstanding loan of £35,500 (2020:£17,367) was also charged.

Included in other debtors at the year end is a balance of £1,800,053 (2020: £1,700,,000) owed from Knnak Limited.

China Base Asia Limited

A company registered in Hong Kong where Mr N Banga is involved as shareholder and director.. During the year purchases of £1,395,331 were made and there was a balance outstanding of £1,284,871 (2020 nil).

The Green Lab Limited

A company in which Miss N Banga is a director and shareholder.

During the period sales were made to The Green :Lab Limited of £9,862 (2020 £2073) and a balance was due to NB Avenue Limited of £3897 (2020 £1409).

Included in other debtors at the year end is a balance of £420,772 owed from The Green Lab Limited.(2020 £125,759).

Mr K Banga

A balance was outstanding from Mr K Banga at the year end of £7306 (2020 £418,939). This loan is free of interest and repayable on demand.

Directors

At the balance sheet date the company owed to the director Mr N Banga £8,854 (2020: £44,089) and was owed by Miss N Banga £21,666 (2020: £94,625). These amounts are interest free and there are no set repayment terms.