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Registered number: 05358130
AFV SIM Ltd
Financial Statements
For The Year Ended 31 January 2024
Adams & Moore Ltd
Adams & Moore House
Instone Road
Dartford
DA1 2AG
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05358130
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 802 1,495
802 1,495
CURRENT ASSETS
Stocks 5 20,000 20,000
Debtors 6 381,647 60,043
Investments 7 14,000 14,000
Cash at bank and in hand 101,518 293,445
517,165 387,488
Creditors: Amounts Falling Due Within One Year 8 (77,730 ) (27,768 )
NET CURRENT ASSETS (LIABILITIES) 439,435 359,720
TOTAL ASSETS LESS CURRENT LIABILITIES 440,237 361,215
NET ASSETS 440,237 361,215
CAPITAL AND RESERVES
Called up share capital 9 1,002 1,002
Profit and Loss Account 439,235 360,213
SHAREHOLDERS' FUNDS 440,237 361,215
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Donald Hawes
Director
03/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
AFV SIM Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05358130 . The registered office is Unit 8 Hardwick Industrial Park, Hardwick Road, Great Gransden, Bedfordshire, SG19 3BJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on Cost
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 16,973 2,021 1,559 20,553
As at 31 January 2024 16,973 2,021 1,559 20,553
Depreciation
As at 1 February 2023 16,548 1,614 896 19,058
Provided during the period 425 102 166 693
As at 31 January 2024 16,973 1,716 1,062 19,751
Net Book Value
As at 31 January 2024 - 305 497 802
As at 1 February 2023 425 407 663 1,495
5. Stocks
2024 2023
£ £
Work in progress 20,000 20,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 108,304 39,434
Prepayments and accrued income 13,343 16,469
VAT - 4,140
Intercompany Loan - AFVS Investments Limited 260,000 -
381,647 60,043
7. Current Asset Investments
2024 2023
£ £
Unlisted investments 14,000 14,000
14,000 14,000
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Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 38,341 7,676
Corporation tax 28,504 11,925
VAT 2,918 -
Accruals and deferred income 850 750
Director's loan account 7,117 7,417
77,730 27,768
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,002 1,002
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