Company Registration No. 10913792 (England and Wales)
A&F CAPITAL GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
A&F CAPITAL GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
A&F CAPITAL GROUP LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
as restated
Notes
$
$
$
$
Fixed assets
Investments
4
98,278,551
40,282,293
Current assets
Debtors
5
1,922,761
-
0
Cash at bank and in hand
1,908,030
201,042
3,830,791
201,042
Creditors: amounts falling due within one year
6
(60,253,073)
(2,571,894)
Net current liabilities
(56,422,282)
(2,370,852)
Total assets less current liabilities
41,856,269
37,911,441
Capital and reserves
Called up share capital
1,164
1,164
Profit and loss reserves
41,855,105
37,910,277
Total equity
41,856,269
37,911,441

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
F Fosse
Director
Company Registration No. 10913792
A&F CAPITAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

A&F Capital Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, England, N1 7GU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US Dollar, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in group undertakings and participating interests are non-controlling investments in shares. The investments are initially recognised at cost and are assessed for impairment.

 

Interests in investments other than loans are investments into managed portfolio's which hold a mix of equity and cash investments. The investments are initially measured at transaction price excluding any transaction costs, and are subsequently measured at fair value at each reporting date. The gain or loss on valuation is recognised in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.4
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

A&F CAPITAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.6
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Functional currency

During the current year, the company increased its activities and obtained additional funding, It was determined that as a result of the uptake in activity in USD denominated transactions, the functional currency of the company should change from GBP to USD. The effective date of the change is considered to be 19 October 2022. The 2022 comparative year's functional currency remained GBP. The GBP figures have been translated for presentational purposes.

3
Employees

There were no employees during the current or previous year.

A&F CAPITAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
4
Fixed asset investments
2023
2022
as restated
$
$
Shares in group undertakings and participating interests
40,527,399
40,282,293
Other investments other than loans
57,751,152
-
0
98,278,551
40,282,293
Movements in fixed asset investments
Shares in group undertakings and participating interests
Other investments other than loans
Total
$
$
$
Cost or valuation
At 1 September 2022
40,282,293
-
40,282,293
Additions
245,106
98,233,182
98,478,288
Valuation changes
-
2,743,772
2,743,772
Disposals
-
(43,225,802)
(43,225,802)
At 31 August 2023
40,527,399
57,751,152
98,278,551
Carrying amount
At 31 August 2023
40,527,399
57,751,152
98,278,551
At 31 August 2022
40,282,293
-
40,282,293
5
Debtors
2023
2022
Amounts falling due within one year:
$
$
Other debtors
1,888,779
-
0
Prepayments and accrued income
33,982
-
0
1,922,761
-
0
6
Creditors: amounts falling due within one year
2023
2022
$
$
Corporation tax
174,844
-
0
Other creditors
60,071,056
2,571,056
Accruals and deferred income
7,173
838
60,253,073
2,571,894
A&F CAPITAL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
7
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Aug 2022
$
$
$
Fixed assets
Investments
(i)
3,483,011
36,799,282
40,282,293
Capital and reserves
Profit and loss
(i)
1,110,995
36,799,282
37,910,277
Notes to reconciliation
(i) Investments

Correction of year end 31 August 2022 investments to reflect the restructure of an investment in participating interest.

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