AVUNDA (UK) LIMITED
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Notes to the Accounts |
for the period from 8 March 2017 to 31 December 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover, if any is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover, if any includes revenue earned from the sale of goods and from the rendering of services. Turnover, if any from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover, if any from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract, if any is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Intangible fixed assets |
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Intangible fixed assets, if any are measured at cost less accumulative amortisation and any accumulative impairment losses.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
0% at reducing balance method. |
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Investments |
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Investments in subsidiaries, associates and joint ventures, if any are measured at cost less any accumulated impairment losses. Listed investments, if any are measured at fair value. Unlisted investments, if any are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value, if any are included in the profit and loss account.
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Debtors |
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Short term debtors, if any are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets, if any are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors, if any are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities, if any are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability, if any is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset, if any is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax, if any is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses, if any and other deferred tax assets, if any 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. Deferred tax, if any is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities, if any are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount), if any are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies, if any are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items, if any are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost, if any are translated at the rate ruling at the date of the transaction. All differences, if any are charged to profit or loss.
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases, if any are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments, if any are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge, if any is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets, if any are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments, if any are recognised as an expense on a straight line basis over the lease term.
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Pensions |
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Contributions to defined contribution plans, if any are expensed in the period to which they relate.
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2 |
Creditors: amounts falling due within one year |
31/12/17 |
7/3/17 |
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£ |
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Trade creditors |
300 |
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- |
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3 |
Controlling party |
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Avunda Holdings is the ultimate controlling party of the company by virtue of its shareholdings in the company.
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4 |
Other information |
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AVUNDA (UK) LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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One Fleet Place |
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London |
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EC4M 7WS |