Registration number:
Avro Energy Limited
for the Period from 1 January 2018 to 30 June 2019
Avro Energy Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditors' Report to the members of Avro Energy Limited |
|
Statement of Income and Retained Earnings |
|
Statement of Financial Position |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Avro Energy Limited
Company Information
Directors |
Mr J A Brown Mr P A Brown |
Registered office |
|
Auditors |
|
Avro Energy Limited
Strategic Report for the Period from 1 January 2018 to 30 June 2019
The directors present their strategic report for the period from 1 January 2018 to 30 June 2019.
Principal activity
The principal activity of the company is supply of electricity and gas to domestic customers in the United Kingdom. Avro Energy aims to provide as many households as possible with a low cost alternative to traditional energy suppliers whilst maintaining a superior customer service record. The company has therefore prioritised investing in growth and service.
Fair review of the business
The company enjoyed another successful period, during which time it achieved 144% growth in its customer base to 590,961 meter points (2017 – 242,668). The company during this period continued to score highly in customer feedback including a 9.3 Trustpilot rating and being awarded uSwitch Best Value for Money Winner 2019.
Across the period, revenue increased to £389.7 million (2017 - £79.7 million) whilst the company suffered operating losses. The losses were expected as part of the directors’ long term strategy. Investment has continued in technology to drive efficiency and further delivery of lower operating costs whilst continuing to grow the customer base. Consistent competitive pricing and service has also helped the company record one of the lowest churn rates in the industry.
Principal risks and uncertainties
The company faces a number of risks and uncertainties. The directors believe the key risks are in respect of competition, wholesale market prices and bad debt. The directors assess and manage these risks in line with the business strategy.
Competition
The company operates in highly competitive environments in the UK. The directors believe that the company is in a strong position due to its operating efficiency.
Wholesale Market Prices
The company operates a hedging strategy to mitigate the risk of wholesale market movements working with a number of counter parties across a range of long and short – term products. Daily adjustments are made to correct the wholesale position for variances in demand. The strategy is regularly reviewed to ensure it is still performing in line with the aims of the company and the general market trend.
Key Performance Indicators (KPIs)
The management team responsible for the operation of the business uses a number of financial and non-financial KPIs in order to manage and develop the business to achieve the company’s strategic objectives. The company’s KPIs include revenue, number of supplied meter points and customer service and are discussed above.
Future Developments
The company’s directors expect growth to be continued over the next year and a return to profitability. The start of the company’s smart meter rollout will help the develop and offer more varied energy services in the coming years.
Avro Energy Limited
Strategic Report for the Period from 1 January 2018 to 30 June 2019
Approved by the
.........................................
Director
Avro Energy Limited
Directors' Report for the Period from 1 January 2018 to 30 June 2019
The directors present their report and the financial statements for the period from 1 January 2018 to 30 June 2019.
Directors of the company
The directors who held office during the period were as follows:
Going concern
At 30 June 2019, the Company's current liabilities exceeded it's net current asset position by £27,488,901, it's total liabilities exceed it’s total assets by £27,421,381 and the company made losses in the period to 30 June 2019 of £28,023,009. Despite this, the Company generated cash from it's operating activities of £4,795,437. The directors have prepared budgets and cash flow forecasts, showcasing the Company's ability to trade for the foreseeable future, meeting its liabilities as they fall due, and therefore they continue to adopt the going concern basis in preparing the financial statements.
Important events after the financial period
The directors transferred their share holdings to Avro Group Limited on 13 August 2019.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Disclosure in Strategic Report
The Company has chosen, in accordance with section 414C(11) of the Companies Act 2006 (as amended), (Strategic Report and Directors' Report) Regulations 2013, to set out in the Company's Strategic report the following information required by schedule 7 of the large and medium sized Companies and Groups (Accounts and Reports) Regulations 2008: Future Developments.
Reappointment of auditors
The auditors Baldwins Audit Services, will be proposed for reappointment in accordance with section 485 of the companies act.
Approved by the
.........................................
Director
Avro Energy Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Avro Energy Limited
Independent Auditors' Report to the Members of Avro Energy Limited
Opinion
We have audited the financial statements of Avro Energy Limited (the 'company') for the 18 month period ended 30 June 2019 which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 30 June 2019 and of its loss for the period then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Councils' Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Avro Energy Limited
Independent Auditors' Report to the Members of Avro Energy Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Other matter
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Avro Energy Limited
Independent Auditors' Report to the Members of Avro Energy Limited
......................................
For and on behalf of
6th Floor
Bank House
Cherry Street
B2 5AL
Avro Energy Limited
Statement of Income and Retained Earnings for the Period from 1 January 2018 to 30 June 2019
Note |
2019 |
(Unaudited) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating (loss)/profit |
( |
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
3,204 |
5,623 |
||
(Loss)/profit before tax |
( |
|
|
Taxation |
|
( |
|
(Loss)/profit for the financial period |
( |
|
|
Retained earnings brought forward |
601,528 |
397,554 |
|
Retained earnings carried forward |
(27,421,481) |
601,528 |
There were no other items of comprehensive income (2017: None)
Avro Energy Limited
(Registration number: 09174794)
Statement of Financial Position as at 30 June 2019
Note |
2019 |
(Unaudited) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
|
|
Total equity |
( |
|
Approved and authorised by the
.........................................
Director
Avro Energy Limited
Statement of Cash Flows for the Period from 1 January 2018 to 30 June 2019
Note |
2019 |
(Unaudited) |
|
Cash flows from operating activities |
|||
(Loss)/profit for the period |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
( |
|
|
( |
|
||
Working capital adjustments |
|||
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes received/(paid) |
|
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents opening |
|
|
|
Cash and cash equivalents closing |
18,510,024 |
13,772,180 |
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Wheatfield House
Wheatfield Way
Hinckley
LE10 1YG
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements are drawn up for a period of 18 months (2017: 12 Months).
Going concern
At 30 June 2019, the Company's current liabilities exceeded it's net current asset position by £27,488,901, it's total liabilities exceed it’s total assets by £27,421,381 and the company made losses in the period to 30 June 2019 of £28,023,009. Despite this, the Company generated cash from it's operating activities of £4,795,437. The directors have prepared budgets and cash flow forecasts, showcasing the Company's ability to trade for the foreseeable future, meeting its liabilities as they fall due, and therefore they continue to adopt the going concern basis in preparing the financial statements.
Events after the financial period
The directors transferred their share holdings to Avro Group Limited on 13 August 2019. |
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenue is generated from the sale of gas and electricity to customers. Revenue generated is recognised as energy is supplied to the customer, this reflects the value of the volume supplied which includes an estimated value of the volume supplied to customers between the last meter reading and the end of the period. This is based on historic meter reading and industry consumption data.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
25% reducing balance |
Computer equipment |
straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
(i) Financial Assets
Basic financial assets, inlcuding trade and other debtors, cash and bank balances and intra-group balances, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at cost and amortised cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.
For financial assets measured at amortised cosrs, the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate.
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank overdraft, intra-group balances and hire purchase contracts, 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 receipts discounted at a market rate of interest.
Critical estimates and judgements
Revenue generated is recognised as energy is supplied to the customer, this reflects the value of the volume supplied which includes an estimated value of the volume supplied to customers between the last meter reading and the end of the period. This is based on historic meter reading and industry consumption date.
Revenue |
The analysis of the company's revenue for the period from continuing operations is as follows:
1 January 2018 to 30 June 2019 |
(Unaudited) |
|
Sale of energy - UK |
|
|
Operating loss |
Arrived at after charging/(crediting)
1 January 2018 to 30 June 2019 |
(Unaudited) |
|
Depreciation expense |
|
|
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
Staff costs |
The aggregate payroll costs were as follows:
1 January 2018 to 30 June 2019 |
(Unaudited) |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
- |
Other employee expense |
|
- |
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
2019 |
(Unaudited) |
|
Administration and support |
|
|
Auditors' remuneration |
1 January 2018 to 30 June 2019 |
(Unaudited) |
|
Audit of the financial statements |
|
- |
Other fees to auditors |
||
Taxation advisory services |
|
- |
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
Taxation |
Tax charged/(credited) in the income statement
1 January 2018 to 30 June 2019 |
(Unaudited) |
|
Current taxation |
||
UK corporation tax |
( |
|
The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2017 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
1 January 2018 to 30 June 2019 |
(Unaudited) |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
( |
|
Increase (decrease) from effect of different UK tax rates on some earnings |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax increase (decrease) from effect of capital allowances and depreciation |
( |
( |
Tax increase (decrease) from effect of unrelieved tax losses carried forward |
|
- |
Total tax (credit)/charge |
( |
|
Deferred tax
There are £27,859,600 of unused tax losses (2017 - £Nil) for which no deferred tax asset is recognised in the Statement of Financial Position.
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2018 |
|
|
Additions |
|
|
At 30 June 2019 |
|
|
Depreciation |
||
At 1 January 2018 |
|
|
Charge for the period |
|
|
At 30 June 2019 |
|
|
Carrying amount |
||
At 30 June 2019 |
|
|
At 31 December 2017 |
|
|
Debtors |
30 June 2019 |
(Unaudited) |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
|
|
Total current trade and other debtors |
|
|
Cash and cash equivalents |
30 June 2019 |
(Unaudited) |
|
Cash at bank |
|
|
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
Creditors |
Note |
30 June 2019 |
(Unaudited) |
|
Due within one year |
|||
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
- |
|
Customer advance payments |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Contributions totalling
£
Share capital |
Allotted, called up and fully paid shares
2019 |
(Unaudited) |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
Ordinary have the following rights, preferences and restrictions: |
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2019 |
(Unaudited) |
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Related party transactions |
Summary of transactions with key management
Transactions with directors |
2019 |
At 1 January 2018 |
Advances to directors |
Repayments by director |
At 30 June 2019 |
Loans to directors |
287,695 |
|
( |
|
2017 |
At 1 January 2017 |
Advances to directors |
Repayments by director |
At 31 December 2017 |
Loans to directors |
71,835 |
|
( |
|
These loans to the directors are charged at the commercial rate of interest of 2.5%, unsecured and repayable on demand.
Avro Energy Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 30 June 2019
Summary of transactions with other related parties
(J & P Brown as common directors)
The company made the following loans to Berkeley Swiss Ltd during the period:
25/01/2018 £40,000
11/05/2018 £790,754
At the balance sheet date the amount due from Berkeley Swiss was £830,754.
These amounts are interest free, unsecured, and repayable on demand.
Avro Commercial Shipping Ltd
(J & P Brown as common directors)
The company made the following loans to Avro Commercial Shipping Ltd during the period:
29/01/2018 £350
At the balance sheet date the amount due from Avro Commercial Shipping Ltd was £350.
These amounts are interest free, unsecured, and repayable on demand.
Sentido Marketing Ltd
(J & P Brown as common directors)
The company made the following transactions with Sentido Marketing Ltd during the period:
Management charges £2,250,000
At the balance sheet date the amount due from Sentido Marketing Ltd was £40,000.
These amounts are interest free, unsecured, and repayable on demand.
Ultimate controlling party
The company is controlled by the Avro Group Limited after a change in group structure. Avro Group Limited was formed on 17 August 2016 and owns 100% of all called up share capital after the directors transferred their share holdings on 13 August 2019.
Post balance sheet events |
|
Transition to FRS 102 |
The previous financial statements for the year ended 31 December 2017 were prepared under FRS 102 (1A).
The transition to FRS 102 have resulted in no changes in company profits, equity or accounting policies compared to those previously reported under FRS 102 (1A).