AFS GROUP LIMITED
Registered number: 03302113
Abridged Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 2,826,765 1,842,194
Investments 4 - 80,104
2,826,765 1,922,298
Current assets
Debtors 19,069 318,015
Cash at bank and in hand 77,239 21,495
96,308 339,510
Creditors: amounts falling due within one year (56,533) (106,471)
Net current assets 39,775 233,039
Net assets 2,866,540 2,155,337
Capital and reserves
Called up share capital 2 2
Revaluation reserve 5 984,571 -
Profit and loss account 1,881,967 2,155,335
Shareholders' funds 2,866,540 2,155,337
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
A F Seagrave
Director
Approved by the board on 1 July 2022
AFS GROUP LIMITED
Notes to the Abridged Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The abridged 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).
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments 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 are included in the profit and loss account.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax 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 and other deferred tax assets 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 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 are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) 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.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Total
£
Cost
At 1 January 2021 1,842,194
Surplus on revaluation 984,571
At 31 December 2021 2,826,765
Depreciation
At 31 December 2021 -
Net book value
At 31 December 2021 2,826,765
At 31 December 2020 1,842,194
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2021 80,104
Disposals (80,104)
At 31 December 2021 -
5 Revaluation reserve 2021 2020
£ £
Gain on revaluation of land and buildings 984,571 -
At 31 December 2021 984,571 -
6 Other information
AFS GROUP LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1/2 CLARENDON COURT
OVER WALLOP
STOCKBRIDGE
HAMPSHIRE
SO20 8HU
AFS GROUP LIMITED 03302113 false 2021-01-01 2021-12-31 2021-12-31 VT Final Accounts March 2021 (interim release) A F Seagrave No description of principal activity 03302113 2020-01-01 2020-12-31 03302113 core:RevaluationReserve core:LandBuildings 2020-01-01 2020-12-31 03302113 core:WithinOneYear 2020-12-31 03302113 core:ShareCapital 2020-12-31 03302113 core:OtherReservesSubtotal 2020-12-31 03302113 core:RetainedEarningsAccumulatedLosses 2020-12-31 03302113 core:RevaluationReserve 2020-12-31 03302113 2021-01-01 2021-12-31 03302113 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 03302113 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 03302113 bus:Director40 2021-01-01 2021-12-31 03302113 2 2021-01-01 2021-12-31 03302113 core:RevaluationReserve core:LandBuildings 2021-01-01 2021-12-31 03302113 countries:England 2021-01-01 2021-12-31 03302113 bus:FRS102 2021-01-01 2021-12-31 03302113 bus:AbridgedAccounts 2021-01-01 2021-12-31 03302113 2021-12-31 03302113 core:WithinOneYear 2021-12-31 03302113 core:ShareCapital 2021-12-31 03302113 core:OtherReservesSubtotal 2021-12-31 03302113 core:RetainedEarningsAccumulatedLosses 2021-12-31 03302113 core:DisposalsRepaymentsInvestments 2021-12-31 03302113 core:RevaluationReserve 2021-12-31 03302113 2020-12-31 iso4217:GBP xbrli:pure