AFRICAN SPECIALITY PRODUCTS LIMITED

Company Registration Number:
04044245 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2023

Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

AFRICAN SPECIALITY PRODUCTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2023

Balance sheet
Notes

AFRICAN SPECIALITY PRODUCTS LIMITED

Balance sheet

As at 31 July 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 1,344 536
Investments: 4 157,343 139,643
Total fixed assets: 158,687 140,179
Current assets
Stocks: 4,345 4,285
Debtors: 5 77,105 27,474
Cash at bank and in hand: 1,259 55,912
Investments:   0 0
Total current assets: 82,709 87,671
Creditors: amounts falling due within one year: 6 (60,825) (67,962)
Net current assets (liabilities): 21,884 19,709
Total assets less current liabilities: 180,571 159,888
Creditors: amounts falling due after more than one year: 7 (5,700) (5,700)
Total net assets (liabilities): 174,871 154,188
Capital and reserves
Called up share capital: 200 200
Share premium account: 9,996 9,996
Profit and loss account: 164,675 143,992
Shareholders funds: 174,871 154,188

The notes form part of these financial statements

AFRICAN SPECIALITY PRODUCTS LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 06 January 2024
and signed on behalf of the board by:

Name: Jeremy Lefroy
Status: Director

The notes form part of these financial statements

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover shown in the profit and loss account represents revenue earned during the year, exclusive of VAT,.

Tangible fixed assets and depreciation policy

Depreciation has been provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.Office equipment and software 50% straight lineOffice furniture 20% straight line

Valuation and information policy

Stocks and work in progress have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies

Policy on foreign currenciesTransactions in foreign currencies are recorded at the rate of exchange for the day on which the transaction occurred or, if hedged, at the forward contract rate. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date or, if appropriate, at the forward contract rate. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date or, if appropriate, at the forward contract rate. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the profit and loss account.Policy on investmentsFixed asset investments are shown at cost less provision for impairment.Policy on pension costsThe company does not operate a pension scheme.

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

2. Employees

2023 2022
Average number of employees during the period 2 2

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Tangible Assets

Total
Cost £
At 01 August 2022 14,259
Additions 808
Disposals 0
Revaluations 0
At 31 July 2023 15,067
Depreciation
At 01 August 2022 13,723
At 31 July 2023 13,723
Net book value
At 31 July 2023 1,344
At 31 July 2022 536

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Fixed investments

Fixed asset investments are shown at cost less provision for impairment.

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

5. Debtors

2023 2022
££
Debtors due after more than one year: 0 0

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

6. Creditors: amounts falling due within one year note

2023 2022Trade creditors 11,622 22,081Other creditors and accruals 44,353 43,470Taxation and social security costs 4,850 2,411Total 60,825 67,962

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

7. Creditors: amounts falling due after more than one year note

2023 2022Loan 5,700 5,700

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

8. Loans to directors

Name of director receiving advance or credit: Jeremy Lefroy
Description of the loan: Short-term advances to the director
£
Balance at 01 August 2022 5,141
Advances or credits made: 113,985
Advances or credits repaid: 79,841
Balance at 31 July 2023 39,285

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

9. Changes in presentation and prior period adjustments

1) During the year ended 31 July 2023, the Company reversed the write-down (made in the year ended 31 July 2022) of £20,000 of an investment in a UK company as a result of a re-evaluation of the prospects of the investment. The investment is now stated again at cost.2) During the year ended 31 July 2022, the Director transferred an investment to the Company at fair value (£36,987). This was reflected in the accounts and is now reported as a related party transaction.

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

10. Related party transactions

During the year ended 31 July 2022, the Director transferred an investment to the Company at fair value (£36,987).