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REGISTERED NUMBER: 09505888 (England and Wales)















AFS CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






AFS CONTRACTORS LIMITED (REGISTERED NUMBER: 09505888)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


AFS CONTRACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: T F S Dean
W F Dean



REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF



REGISTERED NUMBER: 09505888 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: HSBC Bank Plc
221 High Street
Lincoln
Lincolnshire
LN1 1TS

AFS CONTRACTORS LIMITED (REGISTERED NUMBER: 09505888)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 637,119 846,631

CURRENT ASSETS
Debtors 5 346,160 227,110
Cash at bank 10,565 27,247
356,725 254,357
CREDITORS
Amounts falling due within one year 6 519,942 488,320
NET CURRENT LIABILITIES (163,217 ) (233,963 )
TOTAL ASSETS LESS CURRENT LIABILITIES 473,902 612,668

CREDITORS
Amounts falling due after more than one year 7 (344,865 ) (480,660 )

PROVISIONS FOR LIABILITIES (27,368 ) (25,082 )
NET ASSETS 101,669 106,926

CAPITAL AND RESERVES
Called up share capital 9 3 3
Retained earnings 101,666 106,923
SHAREHOLDERS' FUNDS 101,669 106,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:



T F S Dean - Director



W F Dean - Director


AFS CONTRACTORS LIMITED (REGISTERED NUMBER: 09505888)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

AFS Contractors Limited 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 for contracting services and machinery hire, excluding value added tax, recognised in the period in which the services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Tangible fixed assets are held at cost less accumulated depreciation.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

AFS CONTRACTORS LIMITED (REGISTERED NUMBER: 09505888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 1,197,306 54,201 1,251,507
Disposals (234,000 ) - (234,000 )
At 31 March 2024 963,306 54,201 1,017,507
DEPRECIATION
At 1 April 2023 397,414 7,462 404,876
Charge for year 105,422 7,011 112,433
Eliminated on disposal (136,921 ) - (136,921 )
At 31 March 2024 365,915 14,473 380,388
NET BOOK VALUE
At 31 March 2024 597,391 39,728 637,119
At 31 March 2023 799,892 46,739 846,631

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 18,000
Other debtors 196,570 -
Prepayments and accrued income 149,590 209,110
346,160 227,110

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 135,795 153,332
Trade creditors 19,360 1,185
Other taxes and social security 73,016 46,739
Other creditors 270,611 257,998
Accrued expenses 21,160 29,066
519,942 488,320

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 344,865 480,660

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 480,660 633,992

Hire purchase contracts are secured on the asset to which they relate.

AFS CONTRACTORS LIMITED (REGISTERED NUMBER: 09505888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3 Ordinary 1 3 3