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COMPANY REGISTRATION NUMBER: 07770945
Afterway Developments Ltd
Filleted Unaudited Financial Statements
31 March 2024
Afterway Developments Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Stocks
305,000
471,452
Debtors
4
20
555
Cash at bank and in hand
20,802
16,032
---------
---------
325,822
488,039
Creditors: amounts falling due within one year
5
353,395
271,843
---------
---------
Net current (liabilities)/assets
( 27,573)
216,196
--------
---------
Total assets less current liabilities
( 27,573)
216,196
Creditors: amounts falling due after more than one year
6
150,000
150,000
---------
---------
Net (liabilities)/assets
( 177,573)
66,196
---------
---------
Capital and reserves
Called up share capital
50
50
Profit and loss account
( 177,623)
66,146
---------
--------
Shareholders (deficit)/funds
( 177,573)
66,196
---------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Afterway Developments Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
Mr J Adamson
Director
Company registration number: 07770945
Afterway Developments Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Reardon & Co Limited, Ash House, Breckenwood Road, Fulbourn, Cambridge, CB 21 5DQ.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Debtors
2024
2023
£
£
Trade debtors
535
Other debtors
20
20
----
----
20
555
----
----
5. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
348,424
264,993
Corporation tax
765
Social security and other taxes
1,030
694
Other creditors
3,941
5,391
---------
---------
353,395
271,843
---------
---------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
150,000
150,000
---------
---------
The mortgage is secured by way of a fixed charge by Svenska Handelsbanken over the property at Chesterton Road included within work in progress.
7. Related party transactions
At 31 March 2024 and 2024 the company was under the control of Identified Developments (Cambridge) Limited who owned 30 £1 ordinary shares being 60% of the issued share capital.