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Registration number: 9550313

AFX Mixing and Pumping Technologies Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

AFX Mixing and Pumping Technologies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

AFX Mixing and Pumping Technologies Limited

Company Information

Directors

Mr Toby Frostwick

Mr Eugene John Els

Mr Johannes Jacobus Strydom

Registered office

Unit 17 Abbey Business Park
Holton Heath
Poole
Dorset
BH16 6NN

 

AFX Mixing and Pumping Technologies Limited

(Registration number: 9550313)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,433

3,670

Current assets

 

Stocks

5

30,402

34,413

Debtors

6

249,248

457,489

Cash at bank and in hand

 

169,252

104,782

 

448,902

596,684

Creditors: Amounts falling due within one year

7

(161,028)

(428,677)

Net current assets

 

287,874

168,007

Total assets less current liabilities

 

291,307

171,677

Creditors: Amounts falling due after more than one year

7

(28,949)

(33,112)

Net assets

 

262,358

138,565

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

262,258

138,465

Shareholders' funds

 

262,358

138,565

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

AFX Mixing and Pumping Technologies Limited

(Registration number: 9550313)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

Mr Toby Frostwick

Director

Mr Eugene John Els

Director

Mr Johannes Jacobus Strydom

Director

 

AFX Mixing and Pumping Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 17 Abbey Business Park
Holton Heath
Poole
Dorset
BH16 6NN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents management charges and sales of the company's products excluding VAT.

Foreign currency transactions and balances

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

AFX Mixing and Pumping Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Computer equipment

3 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

AFX Mixing and Pumping Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

AFX Mixing and Pumping Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

13,656

535

14,191

Additions

1,000

-

1,000

At 29 February 2024

14,656

535

15,191

Depreciation

At 1 March 2023

10,270

250

10,520

Charge for the year

1,096

142

1,238

At 29 February 2024

11,366

392

11,758

Carrying amount

At 29 February 2024

3,290

143

3,433

At 28 February 2023

3,385

285

3,670

5

Stocks

2024
£

2023
£

Other inventories

30,402

34,413

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

199,459

55,670

Group trade debtors

11

32,799

168,413

Prepayments

 

16,990

17,790

Other debtors

 

-

215,616

   

249,248

457,489

7

Creditors

Creditors: amounts falling due within one year

 

AFX Mixing and Pumping Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

32,714

33,914

Trade creditors

 

53,598

19,966

Group trade creditors

11

11,162

200,564

Taxation and social security

 

60,304

14,756

Accruals and deferred income

 

3,250

3,000

Other creditors

 

-

156,477

 

161,028

428,677

 

AFX Mixing and Pumping Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

28,949

33,112

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,949

33,112

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,514

6,714

Other borrowings

27,200

27,200

32,714

33,914

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

AFX Mixing and Pumping Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Not later than one year

22,533

22,638

Later than one year and not later than five years

18,000

76,533

40,533

99,171

11

Related party transactions

The ultimate controlling party is AFX Holding (PTY) Limited - 25a Rudo Nell Road, 1459 Boksburg, Gateng, South Africa

Group trade debtors contain a balance of £32,799 owed from African Mixing Technologies (PTY) Ltd. Last year the balance was £200,564 owed from African Mixing Technologies (PTY) Ltd.

Group trade creditors contain a balance of £11,162 owed to African Mixing Technologies (PTY) Ltd. Last year the balance was £161,467 owed to African Mixing Technologies (PTY) Ltd and £6,946 owed to AFX Mixing and Pumping Technologies Inc.

Other borrowings contain a balance of £27,200 owed to AFX Holding (PTY) Limited. Last year the balance was £27,200 owed to AFX Holding (PTY) Limited.

 

AFX Mixing and Pumping Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

132,000

119,271

Contributions paid to money purchase schemes

61,250

-

193,250

119,271