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COMPANY REGISTRATION NUMBER: 08477769
AFLSP Limited
Unaudited Accounts
31 December 2023
AFLSP Limited
Accounts
Year ended 31 December 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the accounts
5
AFLSP Limited
Director's Report
Year ended 31 December 2023
The director presents his report and the unaudited accounts of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
K D Ashton
P L Simpson
(Resigned 22 December 2023)
During the year, on 22 December 2023, P L Simpson resigned as director.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 October 2024 and signed on behalf of the board by:
K D Ashton
Director
Registered office:
10 Orange Street
Haymarket
England
WC2H 7DQ
AFLSP Limited
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4,660,561
4,075,047
Cost of sales
( 3,195,411)
( 2,653,497)
------------
------------
Gross profit
1,465,150
1,421,550
Distribution costs
( 24,971)
( 18,456)
Administrative expenses
( 1,240,631)
( 1,342,662)
------------
------------
Operating profit
199,548
60,432
Other interest receivable
5,899
Amounts written back to investments
( 1)
Interest payable and similar expenses
( 17,782)
( 6,822)
------------
------------
Profit before taxation
5
187,665
53,609
Tax on profit
49,647
136,515
---------
---------
Profit for the financial year and total comprehensive income
237,312
190,124
---------
---------
Dividends paid and payable
( 4,000)
Retained earnings at the start of the year
972,482
786,358
------------
---------
Retained earnings at the end of the year
1,209,794
972,482
------------
---------
All the activities of the company are from continuing operations.
AFLSP Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
16,325
21,030
Investments
8
120
--------
--------
16,445
21,030
Current assets
Debtors
9
2,122,405
2,840,031
Cash at bank and in hand
414,737
304,611
------------
------------
2,537,142
3,144,642
Creditors: amounts falling due within one year
10
( 1,289,626)
( 2,129,023)
------------
------------
Net current assets
1,247,516
1,015,619
------------
------------
Total assets less current liabilities
1,263,961
1,036,649
Creditors: amounts falling due after more than one year
11
( 14,167)
( 24,167)
------------
------------
Net assets
1,249,794
1,012,482
------------
------------
Capital and reserves
Called up share capital
40,000
40,000
Profit and loss account
1,209,794
972,482
------------
------------
Shareholders funds
1,249,794
1,012,482
------------
------------
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
AFLSP Limited
Statement of Financial Position (continued)
31 December 2023
These accounts were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
K D Ashton
Director
Company registration number: 08477769
AFLSP Limited
Notes to the Accounts
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, WC2H 7DQ, England.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the Directors' opinion based on positive cash balances and its working capital requirements, the company has sufficient funds to meet its liabilities for at least twelve months from approval of these accounts. The directors have therefore concluded that it is appropriate to prepare the accounts under the going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Revenues from time and materials contracts are recognised as services are rendered. Revenue form fixed price contracts are recognised under the percentage of completion method. Under this method, revenue is recognised as work on the contract progresses. Amounts recoverable on contracts not yet invoiced, which are included in other debtors, are stated at the net sales value of work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Assets purchased as part of a business combination are revalued to their fair value by reference to the previous book value and their value in use. All other fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Office Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
The company operates a defined contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2022: 28 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
12,445
10,562
Impairment of investments in associates
1
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
503,734
---------
Amortisation
At 1 January 2023 and 31 December 2023
503,734
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Office Equipment
Total
£
£
£
£
Cost
At 1 January 2023
77,229
25,175
155,816
258,220
Additions
7,740
7,740
--------
--------
---------
---------
At 31 December 2023
77,229
25,175
163,556
265,960
--------
--------
---------
---------
Depreciation
At 1 January 2023
77,229
25,175
134,786
237,190
Charge for the year
12,445
12,445
--------
--------
---------
---------
At 31 December 2023
77,229
25,175
147,231
249,635
--------
--------
---------
---------
Carrying amount
At 31 December 2023
16,325
16,325
--------
--------
---------
---------
At 31 December 2022
21,030
21,030
--------
--------
---------
---------
8. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
1
Additions
120
----
At 31 December 2023
121
----
Impairment
At 1 January 2023 and 31 December 2023
1
----
Carrying amount
At 31 December 2023
120
----
At 31 December 2022
----
9. Debtors
2023
2022
£
£
Trade debtors
286,970
1,044,179
Amounts owed by group undertakings and undertakings in which the company has a participating interest
241,745
Other debtors
1,593,690
1,795,852
------------
------------
2,122,405
2,840,031
------------
------------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
20,005
Trade creditors
403,042
985,978
Corporation tax
1,291
23,515
Social security and other taxes
179,800
214,804
Other creditors
695,493
884,721
------------
------------
1,289,626
2,129,023
------------
------------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
--------
--------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
39,496
72,945
Later than 1 year and not later than 5 years
41,028
--------
--------
80,524
72,945
--------
--------
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
P L Simpson
7,256
( 7,256)
K D Ashton
62,417
150,928
213,345
--------
---------
---------
69,673
143,672
213,345
--------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
P L Simpson
( 6,349)
13,605
7,256
K D Ashton
( 12,353)
74,770
62,417
--------
--------
--------
( 18,702)
88,375
69,673
--------
--------
--------
14. Related party transactions
During the year, and after accounting for foreign exchange movements, advances totalling £364,627 (2022: £171,244) were made to Space & Place LDA . Space & Place LDA invoiced £331,791 (2022: £180,609), leaving an outstanding balance of £ 94,720 at year-end (2022: £ 61,884 ). The share capital of the entity is owned by the directors of AFLSP Limited , and the directors deem the balance to be fully recoverable. No other transactions with related parties were undertaken as such are required to be disclosed under FRS 102 Section 1A.
15. Controlling party
The immediate parent of the company is Space And Place Ltd . The overall controlling party of AFLSP Limited is director K D Ashton .