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REGISTERED NUMBER: 01717025 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

ADVANCED FURNACE TECHNOLOGY LTD.

ADVANCED FURNACE TECHNOLOGY LTD. (REGISTERED NUMBER: 01717025)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADVANCED FURNACE TECHNOLOGY LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr P W D Tolkien
Mrs A M Tolkien





REGISTERED OFFICE: 65 Church End
Cherry Hinton
Cambridge
Cambridgeshire
CB1 3LF





REGISTERED NUMBER: 01717025 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Ltd
Chartered Accountants
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

ADVANCED FURNACE TECHNOLOGY LTD. (REGISTERED NUMBER: 01717025)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 1,848,434 1,545,775
Investment property 6 256,595 256,595
2,105,029 1,802,370

CURRENT ASSETS
Stocks 54,473 36,856
Debtors 7 552,183 246,360
Cash at bank and in hand 1,148,197 1,502,799
1,754,853 1,786,015
CREDITORS
Amounts falling due within one year 8 (205,830 ) (154,162 )
NET CURRENT ASSETS 1,549,023 1,631,853
TOTAL ASSETS LESS CURRENT LIABILITIES 3,654,052 3,434,223

PROVISIONS FOR LIABILITIES (21,372 ) -
NET ASSETS 3,632,680 3,434,223

CAPITAL AND RESERVES
Called up share capital 10 95 71
Share premium 4,755 -
Capital redemption reserve 29 29
Retained earnings 3,627,801 3,434,123
SHAREHOLDERS' FUNDS 3,632,680 3,434,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

ADVANCED FURNACE TECHNOLOGY LTD. (REGISTERED NUMBER: 01717025)

BALANCE SHEET - continued
31 MAY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





Mr P W D Tolkien - Director


ADVANCED FURNACE TECHNOLOGY LTD. (REGISTERED NUMBER: 01717025)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Advanced Furnace Technology 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net sale of goods which are invoiced at various completed stages of production.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 15 ) .

ADVANCED FURNACE TECHNOLOGY LTD. (REGISTERED NUMBER: 01717025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2022 1,589,316 269,144 1,858,460
Additions 331,225 - 331,225
At 31 May 2023 1,920,541 269,144 2,189,685
DEPRECIATION
At 1 June 2022 96,787 215,898 312,685
Charge for year 15,256 13,310 28,566
At 31 May 2023 112,043 229,208 341,251
NET BOOK VALUE
At 31 May 2023 1,808,498 39,936 1,848,434
At 31 May 2022 1,492,529 53,246 1,545,775

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 256,595
NET BOOK VALUE
At 31 May 2023 256,595
At 31 May 2022 256,595

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2021 19,405
Cost 237,190
256,595

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 270,939 203,152
Other debtors 281,244 43,208
552,183 246,360

ADVANCED FURNACE TECHNOLOGY LTD. (REGISTERED NUMBER: 01717025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 75,599 32,614
Taxation and social security 52,383 110,397
Other creditors 77,848 11,151
205,830 154,162

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 14,844 14,844
Between one and five years 14,370 29,214
29,214 44,058

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
NIL Ordinary £1 - 71
(2022 - 71 )
9,500 Ordinary A 1p 95 -
5 Ordinary B 1p - -
95 71

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
9,500 Share capital 2 1p 95 -

The following shares were issued during the year:

5 Ordinary B shares of 1p for cash of £ 4,779

ADVANCED FURNACE TECHNOLOGY LTD. (REGISTERED NUMBER: 01717025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr P W D Tolkien
Balance outstanding at start of year - -
Amounts advanced 2,496 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,496 -

Mrs A M Tolkien
Balance outstanding at start of year - -
Amounts advanced 784 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 784 -

12. CONTROLLING PARTY

The company is jointly controlled by Mr and Mrs Tolkien who are directors of the company.