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Company registration number: 05686348







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023


AFL GROUP LIMITED






































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AFL GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
P. R. Cope 
M. R. Jones 
T. I. Jones 
G. V. Pinks 




Registered number
05686348



Registered office
Birch Walk

West Byfleet

Surrey

KT14 6EJ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


AFL GROUP LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 5


 


AFL GROUP LIMITED
REGISTERED NUMBER:05686348



STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
351,001
351,001

  
351,001
351,001

Current assets
  

Debtors
 5 
541,502
542,949

Cash at bank and in hand
  
692
1,094

  
542,194
544,043

Creditors: amounts falling due within one year
 6 
(828,644)
(835,634)

Net current liabilities
  
 
 
(286,450)
 
 
(291,591)

Total assets less current liabilities
  
64,551
59,410

  

Net assets
  
64,551
59,410


Capital and reserves
  

Allotted, called up and fully paid share capital
  
100
100

Profit and loss account
  
64,451
59,310

  
64,551
59,410


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M. R. Jones
Director

Date: 29 November 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


AFL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

AFL Group Limited is a private company limited by shares incorporated in England and Wales. The address of the Company's registered office is disclosed on the company information page.
The Company's functional and presentational currency is GBP, rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified
within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires Group management to exercise judgement in applying the Group's
accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.3

Going concern

The Company's subsidiaries provide essential services to a diverse portfolio of government and private contractors which means that despite the initial delays that occurred, the Group continues to have a very strong order book. This fact, together with the support of its directors and shareholders and adequate headroom in its overdraft facility over the 12 months from the date of approval of these financial statements gives the directors confidence that the going concern basis of preparation of the accounts continues to be appropriate.

 
2.4

Exemption from preparing consolidated financial statements

The Company  is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act.

 
2.5

Revenue recognition

Revenue from management charges receivable is recognised at the agreed rates in accordance with the services provided to other group companies as agreed by the directors. Revenue is measured as the fair   value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 2

 


AFL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


AFL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
4
4


4.


Investments





Shares in group undertakings

£



Cost 


At 1 March 2022
351,001



At 28 February 2023
351,001





5.


Debtors

2023
2022
£
£



Amounts owed by group undertakings
541,502
542,949

541,502
542,949



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
80
117

Amounts owed to group undertakings
817,201
824,202

Corporation tax
1,206
2,152

Other taxation and social security
10,147
9,163

Accruals and deferred income
10
-

828,644
835,634


Page 4

 


AFL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.Other financial commitments

The Company's assets are pledged as security over the group bank borrowings, by means of a fixed and floating charge. As at 28 February 2023, the group had bank borrowings totalling £225,695 (2022 - £321,160).
The Company has undertaken to guarantee operating lease commitments totalling £103,323 (2022 - £142,684) on behalf of its subsidiary Perimeter Security Maintenance & Technologies Limited.
The directors consider it unlikely that any future liability will arise in respect of the above guarantees and therefore no liability is included on the balance sheet as at 28 February 2023 in respect of these guarantees.


8.


Ultimate parent company

The immediate and ultimate parent undertaking is Allens TPS Group Limited, a company which is registered in England and Wales.
Allens TPS Group Limited prepares consolidated accounts which are available from Companies House.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 29 November 2023 by Caroline Milton FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 5