AVATU LIMITED |
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BALANCE SHEET |
AS AT 31 March 2018 |
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Notes |
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2018 |
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2017 |
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£ |
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£ |
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FIXED ASSETS |
Tangible assets |
5 |
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13,793 |
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38,659 |
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CURRENT ASSETS |
Stock |
39,909 |
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32,334 |
Debtors |
6 |
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2,352,167 |
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2,488,490 |
Cash at bank and in hand |
9,788 |
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67,916 |
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2,401,864 |
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2,588,740 |
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CREDITORS: Amounts falling due within one year |
7 |
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1,465,241 |
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1,583,940 |
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NET CURRENT ASSETS |
936,623 |
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1,004,800 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
950,416 |
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1,043,459 |
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Provisions for liabilities and charges |
- |
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452 |
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NET ASSETS |
950,416 |
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1,043,007 |
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CAPITAL AND RESERVES |
Called up share capital |
100 |
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100 |
Distributable profit and loss account |
950,316 |
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1,042,907 |
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SHAREHOLDER'S FUNDS |
950,416 |
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1,043,007 |
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These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. |
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For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. |
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Signed on behalf of the board |
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Mr H S Jouhal |
Director |
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Date approved by the board: 20 December 2018 |
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AVATU LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1 |
GENERAL INFORMATION |
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Avatu Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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Unit E2 Regent Park |
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Summerleys Road |
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Princes Risborough |
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Buckinghamshire |
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HP27 9LE |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006. |
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Revenue recognition |
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Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. |
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Plant and equipment |
Reducing balance basis at 20% per annum |
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Office and computer equipment, website and fixtures and fittings |
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Straight line basis at 20%, straight line basis at 33% and reducing balance basis at 20% per annum |
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Motor vehicles |
Reducing balance basis at 25% per annum |
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Leasehold improvements |
Straight line basis at 10% per annum |
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) |
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Financial Instruments |
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The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
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4 |
EMPLOYEES |
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The average number of persons employed by the company (including directors) during the year was: |
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2018 |
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2017 |
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Average number of employees |
7 |
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9 |
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5 |
TANGIBLE ASSETS |
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Plant and equipment |
Office and computer equipment, website and fixtures and fittings |
Motor vehicles |
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Leasehold improvements |
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Total |
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£ |
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£ |
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£ |
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£ |
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£ |
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Cost |
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At 1 April 2017 |
13,601 |
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83,194 |
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40,800 |
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4,474 |
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142,069 |
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Disposals |
- |
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- |
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(40,800) |
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- |
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(40,800) |
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At 31 March 2018 |
13,601 |
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83,194 |
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- |
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4,474 |
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101,269 |
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Accumulated depreciation and impairments |
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At 1 April 2017 |
13,154 |
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63,711 |
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26,098 |
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447 |
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103,410 |
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Charge for year |
89 |
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9,628 |
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1,225 |
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447 |
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11,389 |
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Disposals |
- |
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- |
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(27,323) |
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- |
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(27,323) |
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At 31 March 2018 |
13,243 |
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73,339 |
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- |
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894 |
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87,476 |
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Net book value |
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At 1 April 2017 |
447 |
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19,483 |
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14,702 |
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4,027 |
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38,659 |
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At 31 March 2018 |
358 |
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9,855 |
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- |
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3,580 |
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13,793 |
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6 |
DEBTORS |
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2018 |
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2017 |
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£ |
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£ |
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Trade debtors |
563,001 |
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767,313 |
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Amounts owed from group undertakings |
1,640,997 |
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1,642,891 |
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Prepayments and accrued income |
138,604 |
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68,208 |
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Other debtors |
9,565 |
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10,078 |
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2,352,167 |
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2,488,490 |
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7 |
CREDITORS: Amounts falling due within one year |
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2018 |
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2017 |
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£ |
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£ |
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Bank loans and overdrafts |
424,927 |
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652,324 |
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Trade creditors |
657,733 |
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530,136 |
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Taxation and social security |
150,001 |
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143,862 |
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Hire purchase contracts and finance leases |
- |
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17,714 |
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Accruals and deferred income |
119,648 |
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174,120 |
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Other creditors |
112,932 |
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65,784 |
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1,465,241 |
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1,583,940 |
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8 |
SECURED DEBTS |
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The company has a Confidential Invoice Discounting facility and an Enterprise Finance Guarantee loan arrangement in place with ABN AMRO Commercial Finance plc. ABN AMRO Commercial Finance plc holds a fixed and floating charge over the assets of Avatu Limited and its holding company, Data Duplication (Holdings) Limited. |
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The secured debts of the company are also supported by a personal guarantee by H S Jouhal of £50,000, which is split equally between the Confidential Invoice Discounting facility and the Enterprise Finance Guarantee loan. |
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The hire purchase contracts and finance leases are secured on the assets concerned. |
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9 |
CONTINGENCIES AND COMMITMENTS |
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Other Commitments |
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Amounts falling due under operating leases: |
2018 |
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2017 |
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£ |
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£ |
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In less than one year |
108,372 |
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44,707 |
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In more than one but less than five years |
296,183 |
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354,397 |
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In more than five years |
130,625 |
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178,125 |
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535,180 |
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577,229 |
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