Company registration number 06627457 (England and Wales)
AVENDUS CAPITAL (UK) PRIVATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
AVENDUS CAPITAL (UK) PRIVATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AVENDUS CAPITAL (UK) PRIVATE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
352
Current assets
Debtors
4
670
29,130
Cash at bank and in hand
86,362
820,960
87,032
850,090
Creditors: amounts falling due within one year
5
(12,144)
(14,857)
Net current assets
74,888
835,233
Total assets less current liabilities
74,888
835,585
Capital and reserves
Called up share capital
6
65,001
750,001
Profit and loss reserves
9,887
85,584
Total equity
74,888
835,585
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
20 July 2022
and are signed on its behalf by:
S Kamath
Director
Company Registration No. 06627457
AVENDUS CAPITAL (UK) PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Avendus Capital (UK) Private Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
RMT Accountants & Business Advisors Ltd, Gosforth Park Avenue, Newcastle upon Tyne, NE12 8EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention on a basis other than that of a going concern. During the year the directors of the company decided to surrender the FCA licence of the company that permitted carrying on the Advisory business. The directors no longer intend for the company to provide advisory services and it will be liquidated within 12 months of reporting date.
The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.3
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
AVENDUS CAPITAL (UK) PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors, amounts due from fellow group companies
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received
, if considered material to the financial statements.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AVENDUS CAPITAL (UK) PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2021 and 31 March 2022
8,914
Depreciation and impairment
At 1 April 2021 and 31 March 2022
8,914
Carrying amount
At 31 March 2022
At 31 March 2021
352
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
670
29,130
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
4,020
692
Taxation and social security
724
878
Other creditors
7,400
13,287
12,144
14,857
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
65,001
750,001
65,001
750,001
AVENDUS CAPITAL (UK) PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
6
Called up share capital
(Continued)
- 5 -
During the year a special resolution was passed that reduced issued share capital in the Company from £750,001 to £65,001 by cancelling and extinguishing 685,000 of the issued ordinary shares of £1 each.
7
Related party transactions
The company is a wholly owned subsidiary and has taken advantage of the exemption permitted by Section 33 Related Party Disclosures not to provide disclosures of transactions entered into with other wholly owned members of the group.
8
Parent company
The immediate and ultimate parent company is Avendus Capital Private Limited, a company incorporated in India, and its registered office is IL & FS Financial Centre, 6th Floor C and D Quadrant, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051, India.
Group accounts
The smallest and largest group into which the entity is consolidated is Avendus Capital Private Limited, a company incorporated in India.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Emphasis of matter - Financial statements prepared other than on a going concern basis
We draw attention to Note 1.1 to the financial statements, which explains that the directors of the company have decided to surrender the FCA licence of the company that permitted carrying on the Advisory business and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.1. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Maxine Pott.
The auditor was RMT Accountants & Business Advisors Ltd.