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Company Registration No. 10852859 (England and Wales)
AF Management Ltd Unaudited Financial Statements for the year ended 30 June 2024
AF Management Ltd Unaudited Financial Statements Contents
Page
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AF Management Ltd Company Information for the year ended 30 June 2024
Director
Qiang Liu
Company Number
10852859 (England and Wales)
Registered Office
45-49 Clayton Square Shopping Centre Liverpool L1 1QR
Accountants
Harmony Accountancy Limited Chartered Certified Accountant 124 City Road London EC1V 2NX
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AF Management Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
51,811 
26,267 
Current assets
Inventories
13,706 
15,468 
Debtors
896,123 
13,423 
Cash at bank and in hand
417,402 
686,036 
1,327,231 
714,927 
Creditors: amounts falling due within one year
(537,198)
(390,165)
Net current assets
790,033 
324,762 
Total assets less current liabilities
841,844 
351,029 
Provisions for liabilities
Deferred tax
(22,101)
(9,149)
Net assets
819,743 
341,880 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
819,742 
341,879 
Shareholders' funds
819,743 
341,880 
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 October 2024 and were signed on its behalf by
Qiang Liu Director Company Registration No. 10852859
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AF Management Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
AF Management Ltd is a private company, limited by shares, registered in England and Wales, registration number 10852859. The registered office is 45-49 Clayton Square Shopping Centre, Liverpool, L1 1QR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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AF Management Ltd Notes to the Accounts for the year ended 30 June 2024
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in nonputtable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. Debtors Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Cash and cash equivalents Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other shortterm highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Creditors Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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AF Management Ltd Notes to the Accounts for the year ended 30 June 2024
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 July 2023
61,504 
Additions
48,170 
At 30 June 2024
109,674 
Depreciation
At 1 July 2023
35,237 
Charge for the year
22,626 
At 30 June 2024
57,863 
Net book value
At 30 June 2024
51,811 
At 30 June 2023
26,267 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
58,643 
13,423 
Accrued income and prepayments
29,067 
- 
87,710 
13,423 
Amounts falling due after more than one year
Other debtors
808,413 
- 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
135,192 
130,202 
Trade creditors
127,676 
59,073 
Taxes and social security
165,026 
87,183 
Proposed dividends
- 
7,000 
Loans from directors
86,000 
86,000 
Accruals
23,304 
20,707 
537,198 
390,165 
7
Average number of employees
During the year the average number of employees was 65 (2023: 66).
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