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Registration number: 13328038

AFM Advisory Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2022 to 31 October 2023

 

AFM Advisory Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

AFM Advisory Ltd

Company Information

Directors

I Messenger

H S Athwal

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

AFM Advisory Ltd

(Registration number: 13328038)
Balance Sheet as at 31 October 2023

Note

2023
£

(As restated)

2022
£

Current assets

 

Debtors

4

-

3,065

Cash at bank and in hand

 

139

2,626

 

139

5,691

Creditors: Amounts falling due within one year

5

(59,689)

(90,512)

Net liabilities

 

(59,550)

(84,821)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(59,650)

(84,921)

Shareholders' deficit

 

(59,550)

(84,821)

For the financial period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 February 2024 and signed on its behalf by:
 

.........................................
I Messenger
Director

 

AFM Advisory Ltd

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
England

These financial statements were authorised for issue by the Board on 6 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

 

AFM Advisory Ltd

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 October 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

AFM Advisory Ltd

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2022 - 0).

4

Debtors

Current

2023
£

2022
£

Other debtors

-

3,065

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,801

-

Accruals and deferred income

1,800

1,500

Other creditors

56,088

89,012

59,689

90,512

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

AFM Advisory Ltd

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 October 2023

7

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Capital introduced by director
£

At 31 October 2023
£

I Messenger

Director's current account

40,302

(15,616)

7,610

32,296

         
       

H S Athwal

Director's current account

31,620

(15,000)

5,482

22,102

         
       

 

2022

At 12 April 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

I Messenger

Director's current account

-

(33)

40,335

40,302

         
       

H S Athwal

Director's current account

-

(1,137)

32,757

31,620

         
       

 

Summary of transactions with entities with joint control or significant interest

D French - shareholder (also a director during the year but resigned 20 June 2021)
 Interest free loan with no fixed repayment terms.
 

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

17,089

17,089

Repaid

(15,400)

(15,400)

At end of period

1,689

1,689

 

AFM Advisory Ltd

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 October 2023

2022

Entities with joint control or significant influence
£

Total
£

Advanced

20,757

20,757

Repaid

(3,668)

(3,668)

At end of period

17,089

17,089

8

Prior period restatement

These accounts include a restatement to the 2022 comparative period where the total of £17,968 previously coded as staff entertainment has been corrected to be included as client entertainment as it had been incorrectly coded.