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REGISTERED NUMBER: 06516032 (England and Wales)










Unaudited Financial Statements

For The Year Ended 28 February 2023

for

AFS (South West) Ltd

AFS (South West) Ltd (Registered number: 06516032)






Contents of the Financial Statements
For The Year Ended 28 February 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


AFS (South West) Ltd

Company Information
For The Year Ended 28 February 2023







DIRECTORS: C T Demmon
A R Demmon





REGISTERED OFFICE: Vannincourt
Church Road
Cam
Dursley
GL11 5PQ





REGISTERED NUMBER: 06516032 (England and Wales)





ACCOUNTANTS: Kingscott Dix Limited
Chartered Accountants
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

AFS (South West) Ltd (Registered number: 06516032)

Abridged Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,632 4,336

CURRENT ASSETS
Stocks 250 250
Debtors 315,578 77,992
Cash at bank 192,794 410,946
508,622 489,188
CREDITORS
Amounts falling due within one year 248,983 326,615
NET CURRENT ASSETS 259,639 162,573
TOTAL ASSETS LESS CURRENT
LIABILITIES

301,271

166,909

PROVISIONS FOR LIABILITIES 7,910 824
NET ASSETS 293,361 166,085

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 293,261 165,985
293,361 166,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

AFS (South West) Ltd (Registered number: 06516032)

Abridged Balance Sheet - continued
28 February 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 22 November 2023 and were signed on its behalf by:





A R Demmon - Director


AFS (South West) Ltd (Registered number: 06516032)

Notes to the Financial Statements
For The Year Ended 28 February 2023

1. STATUTORY INFORMATION

AFS (South West) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings- 25% on reducing balance
Computer equipment- 25% on reducing balance
Motor vehicles- 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year.

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.


AFS (South West) Ltd (Registered number: 06516032)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022 17,079
Additions 49,761
At 28 February 2023 66,840
DEPRECIATION
At 1 March 2022 12,743
Charge for year 12,465
At 28 February 2023 25,208
NET BOOK VALUE
At 28 February 2023 41,632
At 28 February 2022 4,336

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 28 February 2023, directors owed the company £269,821 (2022: £nil). These amounts are included in other debtors.