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Avakino Limited

Unaudited Financial Statements

for the Year Ended 30 September 2017

Avakino Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 7

Avakino Limited

(Registration number: 09855157)
Statement of Financial Position as at 30 September 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	1,400	-
Tangible assets	5	321	-
		1,721	-
Current assets
Stocks	6	16,849	2,660
Debtors	7	4,705	-
Cash at bank and in hand		475	758
		22,029	3,418
Creditors: Amounts falling due within one year	8	(57,198)	(15,903)
Net current liabilities		(35,169)	(12,485)
Net liabilities		(33,448)	(12,485)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(33,548)	(12,585)
Total equity		(33,448)	(12,485)

For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Avakino Limited

(Registration number: 09855157)
Statement of Financial Position as at 30 September 2017

Approved and authorised by the director on 18 January 2018
 

.........................................

Mr A Nowroozi

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Avakino Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales .

The address of its registered office is:
Flat 5, Balholm Court
620 Wilmslow Road
Manchester
M20 6AH

These financial statements were authorised for issue by the director on 18 January 2018.

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
These financial statements for the year ended 30 September 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The date of transition is 1 October 2015. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

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.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the directors that they will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

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.

Page 3

Avakino Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

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
Office equipment	20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website design	33.3% on cost

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2016 - 1).

Page 4

Avakino Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

4	Intangible assets

	Website Design costs £	Total £
Cost or valuation
Additions acquired separately	2,100	2,100
At 30 September 2017	2,100	2,100
Amortisation
Amortisation charge	700	700
At 30 September 2017	700	700
Carrying amount
At 30 September 2017	1,400	1,400

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 5

Avakino Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	401	401
At 30 September 2017	401	401
Depreciation
Charge for the period	80	80
At 30 September 2017	80	80
Carrying amount
At 30 September 2017	321	321

6

Stocks

	2017 £	2016 £
Other inventories	16,849	2,660

7

Debtors

	2017 £	2016 £
Trade debtors	4,193	-
Other debtors	512	-
Total current trade and other debtors	4,705	-

8

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	9	26,406	5,998
Trade creditors		1,968	-
Other creditors		28,824	9,905
		57,198	15,903