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REGISTERED NUMBER: 07490215 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 January 2024

for

AFY Entertainment Limited

AFY Entertainment Limited (Registered number: 07490215)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 2


AFY Entertainment Limited (Registered number: 07490215)

Abridged Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,335 7,073
Investments 5 633,925 610,955
638,260 618,028

CURRENT ASSETS
Debtors 634,754 592,607
Cash at bank 425,803 403,530
1,060,557 996,137
CREDITORS
Amounts falling due within one year 46,878 25,628
NET CURRENT ASSETS 1,013,679 970,509
TOTAL ASSETS LESS CURRENT LIABILITIES 1,651,939 1,588,537

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 1,651,839 1,588,437
SHAREHOLDERS' FUNDS 1,651,939 1,588,537

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

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 October 2024 and were signed on its behalf by:





Ms T Pope - Director


AFY Entertainment Limited (Registered number: 07490215)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

AFY Entertainment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07490215

Registered office: St Johns House
16 Church Street
Bromsgrove
Worcestershire
B61 8DN

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 as modified by the revaluation of certain assets.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, sales returns, rebates and discounts.

Revenue is recognised on the provision of services. Where not all services have been rendered, revenue is recognised based upon the period lapsed compared with total period of the project.

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 - 33% on cost, 25% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

AFY Entertainment Limited (Registered number: 07490215)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of a company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the income statement.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs).

Trade debtors
Trade debtors are recognised initially at transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for 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 receivable.

Trade creditors
Trade creditors 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 amounts falling due after more than one year.

Equity instruments
Equity instruments are measured at the fair value of the cash or other resources transferred or transferrable, net of the direct costs of issuing or receiving the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Taxation
Taxation for the year comprises current 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 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.

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.

Fixed asset investments
Fixed asset investments are measured at market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

AFY Entertainment Limited (Registered number: 07490215)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023 31,833
Additions 2,881
At 31 January 2024 34,714
DEPRECIATION
At 1 February 2023 24,760
Charge for year 5,619
At 31 January 2024 30,379
NET BOOK VALUE
At 31 January 2024 4,335
At 31 January 2023 7,073

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 February 2023 610,955
Additions 11,062
Disposals (7,285 )
Revaluations 19,193
At 31 January 2024 633,925
NET BOOK VALUE
At 31 January 2024 633,925
At 31 January 2023 610,955

Totals
£
Fair value in 2024 633,925

Fair value movement during the year was a gain of £19,193 (2023 - Loss of £18,093).

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

AFY Entertainment Limited (Registered number: 07490215)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mrs N Spence
Balance outstanding at start of year 152,418 111,153
Amounts advanced 85,251 41,265
Amounts repaid (177,611 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 60,058 152,418

The above loan represents the highest balance during the year. Interest was charged at the HMRC official rate. The loan was provide with no fixed repayment terms and no security. The loan was repaid within 9 months of the year end.