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Logo On Report
Registered Number: 07752817
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 January 2024

for

AFL FINANCIAL STRATEGIES LTD

Director Nicholas Wilson
Registered Number 07752817
Registered Office B1 Risby Bsuiness Park
Newmarket Road
Bury St. Edmunds
IP28 6RD
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
1
Director's report and financial statements
The director presents their annual report and the financial statements for the year ended 31 January 2024
Principal activities
The principal activity of the company during the financial year was of the provision of financial advice.
Director
The director who served the company throughout the year was as follows:
Nicholas Wilson
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Nicholas Wilson
Director

Date approved: 29 October 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 13,000    26,000 
Tangible fixed assets 4 106,061    169,697 
119,061    195,697 
Current assets      
Debtors 5 117,363    178,212 
Cash at bank and in hand 127,218    108,723 
244,581    286,935 
Creditors: amount falling due within one year 6 (69,578)   (126,550)
Net current assets 175,003    160,385 
 
Total assets less current liabilities 294,064    356,082 
Provisions for liabilities 7 (32,217)   (32,242)
Net assets 261,847    323,840 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 261,747    323,740 
Shareholders' funds 261,847    323,840 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 29 October 2024 and were signed by:


-------------------------------
Nicholas Wilson
Director
3
General Information
AFL Financial Strategies Ltd is a private company, limited by shares, registered in England and Wales, registration number 07752817, registration address B1 Risby Bsuiness Park , Newmarket Road , Bury St. Edmunds, IP28 6RD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the value of commissions earned by the company, net of irrecoverable amounts..
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 10% Straight Line
2.

Average number of employees

Average number of employees during the year was 10 (2023 : 10).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 February 2023 65,000    65,000 
Additions  
Disposals  
At 31 January 2024 65,000    65,000 
Amortisation
At 01 February 2023 39,000    39,000 
Charge for year 13,000    13,000 
On disposals  
At 31 January 2024 52,000    52,000 
Net book values
At 31 January 2024 13,000    13,000 
At 31 January 2023 26,000    26,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 February 2023 83,163    252,290    17,965    353,418 
Additions      
Disposals   (54,062)     (54,062)
At 31 January 2024 83,163    198,228    17,965    299,356 
Depreciation
At 01 February 2023 67,205    98,551    17,965    183,721 
Charge for year 2,394    38,435      40,829 
On disposals   (31,255)     (31,255)
At 31 January 2024 69,599    105,731    17,965    193,295 
Net book values
Closing balance as at 31 January 2024 13,564    92,497      106,061 
Opening balance as at 01 February 2023 15,958    153,739      169,697 


5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 112,269    101,982 
Prepayments & Accrued Income 5,094   
Other Debtors   76,230 
117,363    178,212 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 322    40,186 
Corporation Tax 47,726    59,273 
PAYE & Social Security 15,256    12,638 
Accrued Expenses 5,500    13,520 
Other Creditors 774    933 
69,578    126,550 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 32,217    32,242 
32,217    32,242 

8.

Events after Balance sheet date

Post Balance Sheet Event

In August 2024 the company was acquired by Mulberry Tree Wealth Management Ltd.
4