Company registration number 06342600 (England and Wales)
AFSC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AFSC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AFSC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,699
24,799
Tangible assets
4
584,680
294,896
587,379
319,695
Current assets
Debtors
5
110,151
75,959
Cash at bank and in hand
140,626
108,600
250,777
184,559
Creditors: amounts falling due within one year
6
(250,398)
(167,625)
Net current assets
379
16,934
Total assets less current liabilities
587,758
336,629
Creditors: amounts falling due after more than one year
7
(411,409)
(330,142)
Provisions for liabilities
(106,811)
(52,301)
Net assets/(liabilities)
69,538
(45,814)
Capital and reserves
Called up share capital
5
5
Profit and loss reserves
69,533
(45,819)
Total equity
69,538
(45,814)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

AFSC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
Mr AA Marett
Director
Company Registration No. 06342600
AFSC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

AFSC Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fortune House, Laundry Loke, North Walsham, Norfolk, England, NR28 0BD.

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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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:

Fixtures and fittings
- 25% reducing balance
Motor vehicles
- 25% reducing balance
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

AFSC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 21

2022
2021
Number
Number
Total
24
21
AFSC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
221,000
Amortisation and impairment
At 1 January 2022
196,201
Amortisation charged for the year
22,100
At 31 December 2022
218,301
Carrying amount
At 31 December 2022
2,699
At 31 December 2021
24,799
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
9,500
1,161,224
1,170,724
Additions
-
0
319,888
319,888
Disposals
-
0
(3,850)
(3,850)
At 31 December 2022
9,500
1,477,262
1,486,762
Depreciation and impairment
At 1 January 2022
-
0
875,827
875,827
Depreciation charged in the year
-
0
29,591
29,591
Eliminated in respect of disposals
-
0
(3,336)
(3,336)
At 31 December 2022
-
0
902,082
902,082
Carrying amount
At 31 December 2022
9,500
575,180
584,680
At 31 December 2021
9,500
285,396
294,896
AFSC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
95,161
70,426
Corporation tax recoverable
4,246
-
0
Other debtors
10,744
5,533
110,151
75,959
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
30,000
30,000
Trade creditors
14,591
15,190
Corporation tax
-
0
4,246
Other taxation and social security
16,636
9,592
Other creditors
189,171
108,597
250,398
167,625
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
80,000
110,000
Other creditors
331,409
220,142
411,409
330,142
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