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REGISTERED NUMBER: 03124146 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ADVANCE FILTRATION SYSTEMS LIMITED

ADVANCE FILTRATION SYSTEMS LIMITED (REGISTERED NUMBER: 03124146)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADVANCE FILTRATION SYSTEMS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: A R Ryan
Mrs M L Clark





SECRETARY: Mrs W Ryan





REGISTERED OFFICE: Unit 3, Ordinal Street
Trafford Park
Manchester
M17 1GB





REGISTERED NUMBER: 03124146 (England and Wales)





ACCOUNTANTS: Connaughton & Co
2nd Floor, Boulton House
17-21 Chorlton Street
Manchester
M1 3HY

ADVANCE FILTRATION SYSTEMS LIMITED (REGISTERED NUMBER: 03124146)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,868 46,922

CURRENT ASSETS
Stocks 5 319,097 340,551
Debtors 6 1,214,482 842,480
Cash at bank 2,058,415 1,776,173
3,591,994 2,959,204
CREDITORS
Amounts falling due within one year 7 856,639 769,600
NET CURRENT ASSETS 2,735,355 2,189,604
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,774,223

2,236,526

PROVISIONS FOR LIABILITIES 9 5,567 6,665
NET ASSETS 2,768,656 2,229,861

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 2,768,556 2,229,761
SHAREHOLDERS' FUNDS 2,768,656 2,229,861

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

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

ADVANCE FILTRATION SYSTEMS LIMITED (REGISTERED NUMBER: 03124146)

BALANCE SHEET - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2024 and were signed on its behalf by:





A R Ryan - Director


ADVANCE FILTRATION SYSTEMS LIMITED (REGISTERED NUMBER: 03124146)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Advance Filtration Systems 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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% 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.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

ADVANCE FILTRATION SYSTEMS LIMITED (REGISTERED NUMBER: 03124146)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 62,863 81,865 16,851 50,409 211,988
Additions - 1,199 - 1,733 2,932
At 31 December 2023 62,863 83,064 16,851 52,142 214,920
DEPRECIATION
At 1 January 2023 44,179 63,274 12,779 44,834 165,066
Charge for year 2,992 4,947 611 2,436 10,986
At 31 December 2023 47,171 68,221 13,390 47,270 176,052
NET BOOK VALUE
At 31 December 2023 15,692 14,843 3,461 4,872 38,868
At 31 December 2022 18,684 18,591 4,072 5,575 46,922

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Computer
equipment
£   
COST
At 1 January 2023 2,577
Transfer to ownership (2,577 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 2,068
Transfer to ownership (2,068 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 509

ADVANCE FILTRATION SYSTEMS LIMITED (REGISTERED NUMBER: 03124146)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. STOCKS
31.12.23 31.12.22
£    £   
Stocks 319,097 340,551

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 889,179 798,731
Directors' loan accounts 269,986 -
Prepayments and accrued income 55,317 43,749
1,214,482 842,480

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 305,792 369,844
Corporation tax 229,623 159,463
VAT 137,144 135,222
Other creditors 4,140 3,789
Directors' loan accounts - 1
Accruals and deferred income 179,940 101,281
856,639 769,600

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 34,549 31,950
Between one and five years 44,474 47,176
79,023 79,126

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 5,567 6,665

Deferred
tax
£   
Balance at 1 January 2023 6,665
Accelerated capital allowances (1,098 )
Balance at 31 December 2023 5,567

ADVANCE FILTRATION SYSTEMS LIMITED (REGISTERED NUMBER: 03124146)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 January 2023 2,229,761
Profit for the year 699,395
Dividends (160,600 )
At 31 December 2023 2,768,556

12. RELATED PARTY DISCLOSURES

The company is under the control of Mr A R Ryan, the Managing Director and a 50% shareholder.

The rent in the accounts is paid to The Trustees of the Michael J Field Sipps (A R Ryan A/c) for the business premises. The trustees are MJF Pension Trustees Limited and Mr A R Ryan, the Managing Director of Advance Filtration Systems Limited. The rent is at market value.

Also included within the profit and loss account are pension contributions of £0 (31.12.22 - £40,000) paid to Mrs W Ryan, the Company Secretary and a 50% shareholder.