Company Registration No. SC426100 (Scotland)
Affan Engineering Ltd
Unaudited accounts
for the year ended 30 June 2023
Affan Engineering Ltd
Unaudited accounts
Contents
Affan Engineering Ltd
Company Information
for the year ended 30 June 2023
Directors
Aftab Khan
Muneeba Khan
Company Number
SC426100 (Scotland)
Registered Office
45 Friarsfield Road
Cults
Aberdeen
Aberdeenshire
AB15 9LB
Scotland
Accountants
Eureka Accountants Limited
63 Lancing Road
Newbury Park
London
IG2 7DQ
Affan Engineering Ltd
Statement of financial position
as at 30 June 2023
Cash at bank and in hand
29,669
32,349
Creditors: amounts falling due within one year
(45,258)
(49,317)
Net current assets
166
354
Called up share capital
100
100
Profit and loss account
66
574
Shareholders' funds
166
674
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by
Aftab Khan
Director
Company Registration No. SC426100
Affan Engineering Ltd
Notes to the Accounts
for the year ended 30 June 2023
Affan Engineering Ltd is a private company, limited by shares, registered in Scotland, registration number SC426100. The registered office is 45 Friarsfield Road, Cults, Aberdeen, Aberdeenshire, AB15 9LB, Scotland.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years straight line
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Short term debtors 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 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.
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.
Affan Engineering Ltd
Notes to the Accounts
for the year ended 30 June 2023
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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The accounts are presented in £ sterling.
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Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
14,188
17,010
Accrued income and prepayments
1,567
312
Affan Engineering Ltd
Notes to the Accounts
for the year ended 30 June 2023
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Creditors: amounts falling due within one year
2023
2022
Taxes and social security
10,636
12,073
Loans from directors
27,189
29,836
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Average number of employees
During the year the average number of employees was 2 (2022: 2).