Registered number
13925258
Afriex UK Limited
Filleted Accounts for the period ended
28 February 2023
Afriex UK Limited
Registered number: 13925258
Balance Sheet
as at 28 February 2023
Notes 2023
£
Current assets
Cash at bank and in hand 44
Creditors: amounts falling due within one year 3 (11,524)
Net current liabilities (11,480)
Net liabilities (11,480)
Capital and reserves
Called up share capital 100
Profit and loss account (11,580)
Shareholders' funds (11,480)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Alabi
Director
Approved by the board on 8 April 2024
Afriex UK Limited
Notes to the Accounts
for the period from 18 February 2022 to 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023
Number
Average number of persons employed by the company 1
3 Creditors: amounts falling due within one year 2023
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest 9,874
Other creditors 1,650
11,524
4 Related party transactions
As at 28 February 2023, the company owed Afriex Inc £9,874 which is included within creditors.

There is no set repayment date for this loan, and is made on an interest free basis.

The loan will not be sought for repayment until the company is in a position to be able to do so.
5 Controlling party
The ultimate controlling party is Afriex Inc, a company registered in Delaware, USA.

Afriex Inc holds 99% of the shares in Afriex UK Limited.

This is a company which is ultimately owned by the director T Alabi.
6 Other information
Afriex UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1
1 Old Court Mews
311 Chase Road
London
N14 6JS
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