Company registration number 10071531 (England and Wales)
AF PROTECTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AF PROTECTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AF PROTECTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
248,179
201,726
Current assets
Stocks
16,495
6,566
Debtors
4
657,820
879,482
Cash at bank and in hand
469,661
1,051,151
1,143,976
1,937,199
Creditors: amounts falling due within one year
5
(424,704)
(702,930)
Net current assets
719,272
1,234,269
Total assets less current liabilities
967,451
1,435,995
Creditors: amounts falling due after more than one year
6
(39,620)
(85,653)
Provisions for liabilities
7
(41,447)
(12,808)
Net assets
886,384
1,337,534
Capital and reserves
Called up share capital
87
87
Capital redemption reserve
30
30
Profit and loss reserves
886,267
1,337,417
Total equity
886,384
1,337,534
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 March 2023 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.
AF PROTECTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2023 and are signed on its behalf by:
Mr P B Duggan
Director
Company Registration No. 10071531
AF PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
AF Protection Limited is a private company limited by shares incorporated in England and Wales. The registered office is High Park Office, Catchfrench, Trerulefoot, Saltash, Cornwall, PL12 5BY.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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 services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the term of the lease
Plant and equipment
33.3% per annum on a straight line basis
Computers
33.3% per annum on a straight line basis
Motor vehicles
33.3% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AF PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
7
AF PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
4,900
413,920
418,820
Additions
197,176
197,176
Disposals
(78,811)
(78,811)
At 31 March 2023
4,900
532,285
537,185
Depreciation and impairment
At 1 April 2022
4,900
212,194
217,094
Depreciation charged in the year
95,493
95,493
Eliminated in respect of disposals
(23,581)
(23,581)
At 31 March 2023
4,900
284,106
289,006
Carrying amount
At 31 March 2023
248,179
248,179
At 31 March 2022
201,726
201,726
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
583,836
862,960
Other debtors
73,984
16,522
657,820
879,482
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
102,177
268,412
Taxation and social security
110,232
230,400
Other creditors
212,295
204,118
424,704
702,930
lncluded within other creditors are net obligations under hire purchase agreements of £28,424 (2022: £55,921) which are secured on the assets to which they relate.
AF PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
39,620
85,653
Net obligations under finance leases and hire purchase agreements are secured on the assets to which they relate.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
41,447
12,808
2023
Movements in the year:
£
Liability at 1 April 2022
12,808
Charge to profit or loss
18,692
Effect of change in tax rate - profit or loss
9,947
Liability at 31 March 2023
41,447
The deferred tax liability set out above is expected to reverse within 24 months and relates to accelerated capital allowances that are expected to mature within the same period.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
500
AF PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.00
(43,674)
359,394
3,154
(272,824)
46,050
One director
2.00
(46,555)
138,807
335
(80,014)
12,573
(90,229)
498,201
3,489
(352,838)
58,623
The loans to the directors were unsecured and repayable on demand.