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Registration number: 05932388

A.F.T. Holdings Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

A.F.T. Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

A.F.T. Holdings Limited

(Registration number: 05932388)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,199,275

1,954,848

Current assets

 

Debtors

5

4,738

7,956

Cash at bank and in hand

 

54,376

154,505

 

59,114

162,461

Creditors: Amounts falling due within one year

6

(1,283,718)

(1,014,462)

Net current liabilities

 

(1,224,604)

(852,001)

Total assets less current liabilities

 

974,671

1,102,847

Creditors: Amounts falling due after more than one year

6

(660,848)

(695,387)

Provisions for liabilities

16,953

(9,518)

Net assets

 

330,776

397,942

Capital and reserves

 

Called up share capital

100

100

Retained earnings

330,676

397,842

Shareholders' funds

 

330,776

397,942

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 November 2023 and signed on its behalf by:
 

 

A.F.T. Holdings Limited

(Registration number: 05932388)
Balance Sheet as at 31 March 2023

.........................................
Ms Carol Alder
Director

 

A.F.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
18 Maidenshaw Road
Epsom
Surrey
KT19 8HE

These financial statements were authorised for issue by the Board on 10 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £1,283,718 (2022: £852,001). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis the directors feel it is appropriate to prepare these financial statements using the going concern basis.

 

A.F.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises of the consideration received or receivable on rental income from investment properties and canal boats, stated net of discounts and of Value Added Tax.

Rent is received on a monthly and quarterly basis and is apportioned for the period in which it relates. Where rent is received in advance it is accounted as accrued income.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Fixtures and Fittings

25% straight line

Motor Vehicles

25% reducing balance

Canal Boats

5% reducing balance

Office Equipment

25% straight line

 

A.F.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investment property

No depreciation is provided on freehold buildings. This amounts to a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors this is necessary for the financial statements to give a true and fair view. The cost of the asset is in excess of its carrying value and therefore no depreciation arises. The accounting policy is in accordance with FRS102 Section 1A.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Provisions

Included in non current liabiliites are provisions which have been measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation, and reflect the present value of expenditures required to settle the obligation where the time value of money is material.

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 directors) during the year, was 2 (2022 - 2).

 

A.F.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Property
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

13,814

54,450

1,785,110

262,331

2,115,705

Additions

598

-

256,937

1,048

258,583

At 31 March 2023

14,412

54,450

2,042,047

263,379

2,374,288

Depreciation

At 1 April 2022

9,592

34,829

-

116,436

160,857

Charge for the year

1,912

4,905

-

7,339

14,156

At 31 March 2023

11,504

39,734

-

123,775

175,013

Carrying amount

At 31 March 2023

2,908

14,716

2,042,047

139,604

2,199,275

At 31 March 2022

4,222

19,621

1,785,110

145,895

1,954,848

 

A.F.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The properties included within the companies fixed assets are secured as detials in the creditors note.

5

Debtors

Current

2023
£

2022
£

Trade debtors

4,500

-

Prepayments

238

487

Other debtors

-

7,469

 

4,738

7,956

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

45,805

26,436

Taxation and social security

 

128,006

-

Accruals and deferred income

 

1,890

1,890

Other creditors

 

1,108,017

986,136

 

1,283,718

1,014,462

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

660,848

695,387

2023
£

2022
£

Due after more than five years

After more than five years by instalments

477,631

589,511

After more than five years not by instalments

991,365

965,741

1,468,996

1,555,252

Creditors include mortgages repayable by instalments of £477,631 (2022 - £589,511) due after more than five years. The total borrowings of £706,653 (2022: £741,943) are secured via a fixed and floating charge over the investment properties owned by the company. The charge is in favour of Skipton Building Society.

 

A.F.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors include related party loans not repayable by instalments of £991,365 (2022 - £965,741) due after more than five years. These borrowings are secured via a fixed and floating charge over assets of the business in favour of C and D Alder.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

At the balance sheet date, the company owed £991,365 (2022: £965,741) to Mr and Mrs Alder. There are no terms of repayment or interest on this loan.

9

Ultimate controlling party

The ultimate controlling party is Mr David Alder and Ms Carol Greenwood, by virtue of their shareholding.