IRIS Accounts Production v23.2.0.158 04019662 Board of Directors 1.5.22 30.4.23 30.4.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040196622022-04-30040196622023-04-30040196622022-05-012023-04-30040196622021-04-30040196622021-05-012022-04-30040196622022-04-3004019662ns10:Originalns15:EnglandWales2022-05-012023-04-3004019662ns14:PoundSterlingns10:Original2022-05-012023-04-3004019662ns10:Originalns10:Director12022-05-012023-04-3004019662ns10:Original2022-05-012023-04-3004019662ns10:Original2023-04-3004019662ns10:Originalns10:PrivateLimitedCompanyLtd2022-05-012023-04-3004019662ns10:Originalns10:SmallEntities2022-05-012023-04-3004019662ns10:Originalns10:AuditExempt-NoAccountantsReport2022-05-012023-04-3004019662ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-05-012023-04-3004019662ns10:SmallCompaniesRegimeForAccountsns10:Original2022-05-012023-04-3004019662ns10:Originalns10:FullAccounts2022-05-012023-04-3004019662ns10:Original2022-04-3004019662ns10:Originalns5:CurrentFinancialInstruments2023-04-3004019662ns10:Originalns5:CurrentFinancialInstruments2022-04-3004019662ns10:Originalns5:Non-currentFinancialInstruments2023-04-3004019662ns10:Originalns5:Non-currentFinancialInstruments2022-04-3004019662ns5:ShareCapitalns10:Original2023-04-3004019662ns5:ShareCapitalns10:Original2022-04-3004019662ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-04-3004019662ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-04-3004019662ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-04-3004019662ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-3004019662ns10:Originalns10:RegisteredOffice2022-05-012023-04-3004019662ns10:Originalns5:PlantMachinery2022-05-012023-04-3004019662ns10:Originalns5:FurnitureFittings2022-05-012023-04-3004019662ns10:Original2021-05-012022-04-3004019662ns10:Originalns5:PlantMachinery2022-04-3004019662ns10:Originalns5:FurnitureFittings2022-04-3004019662ns10:Original2022-04-3004019662ns10:Originalns5:PlantMachinery2023-04-3004019662ns10:Originalns5:FurnitureFittings2023-04-3004019662ns10:Originalns5:PlantMachinery2022-04-3004019662ns10:Originalns5:FurnitureFittings2022-04-3004019662ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3004019662ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-04-30
REGISTERED NUMBER: 04019662 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

A & F DEVELOPMENTS LTD

A & F DEVELOPMENTS LTD (REGISTERED NUMBER: 04019662)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


A & F DEVELOPMENTS LTD (REGISTERED NUMBER: 04019662)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

30.4.23 30.4.22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 592 696
Investment property 5 1,528,507 1,885,170
1,529,099 1,885,866

CURRENT ASSETS
Debtors 6 131,241 134,120
Cash at bank 119,008 18,853
250,249 152,973
CREDITORS
Amounts falling due within one year 7 (78,733 ) (84,439 )
NET CURRENT ASSETS 171,516 68,534
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,700,615

1,954,400

CREDITORS
Amounts falling due after more than one
year

8

(205,718

)

(433,043

)

PROVISIONS FOR LIABILITIES (79,504 ) (102,213 )
NET ASSETS 1,415,393 1,419,144

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 618,439 783,990
Retained earnings 796,854 635,054
1,415,393 1,419,144

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

A & F DEVELOPMENTS LTD (REGISTERED NUMBER: 04019662)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





M P Foster - Director


A & F DEVELOPMENTS LTD (REGISTERED NUMBER: 04019662)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

A & F DEVELOPMENTS LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04019662

Registered office: 4 Perivale Close
Birches Head
Stoke-On-Trent
Staffordshire
ST1 6UD

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss

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

SIGNIFICANT JUDGEMENTS AND ESTIMATES
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.

(i) Estimated useful lives and residual values of fixed assets

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

(ii) Valuation of investment property

The investment property is stated in the balance sheet at fair value, by the valuation performed by the directors, which is based on their experience of the market and the selling price of similar properties. The directors are of the opinion that the year-end valuation is not materially different to current market prices observed.

REVENUE RECOGNITION
Turnover represents rental income which is recognised in the relevant rental period.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% reducing balance
Fixtures and fittings - 15% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

A & F DEVELOPMENTS LTD (REGISTERED NUMBER: 04019662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

INVESTMENT PROPERTY
Investment property is included at fair value and is revalued by the directors to its fair value at each reporting date. Any changes in fair value are recognised in other comprehensive income/profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


A & F DEVELOPMENTS LTD (REGISTERED NUMBER: 04019662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 May 2022
and 30 April 2023 4,629 41,897 46,526
DEPRECIATION
At 1 May 2022 4,449 41,381 45,830
Charge for year 27 77 104
At 30 April 2023 4,476 41,458 45,934
NET BOOK VALUE
At 30 April 2023 153 439 592
At 30 April 2022 180 516 696

A & F DEVELOPMENTS LTD (REGISTERED NUMBER: 04019662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 1,885,170
Disposals (356,663 )
At 30 April 2023 1,528,507
NET BOOK VALUE
At 30 April 2023 1,528,507
At 30 April 2022 1,885,170


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Amounts owed by group undertakings 117,272 120,565
Other debtors 13,969 13,555
131,241 134,120

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 34,609 33,533
Trade creditors 292 978
Taxation and social security 7,984 3,856
Other creditors 35,848 46,072
78,733 84,439

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans 205,718 433,043

Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable more than
5 years by instalments 56,051 139,042
56,051 139,042

9. SECURED DEBTS

The bank loan is secured by a fixed and floating charge over all property of the company.

A & F DEVELOPMENTS LTD (REGISTERED NUMBER: 04019662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


10. RELATED PARTY DISCLOSURES

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.

The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

11. ULTIMATE CONTROLLING PARTY

The company's parent undertaking is MDC Developments Limited. It's principal place of business is 4 Perivale Close, Birches Head, Stoke on Trent, ST1 6UD and it's registered office is c/o DPC Stone House, Stone Road Business Park, Stone Road, Stoke on Trent, ST4 6SR.