NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
AFL Group Limited is a private company limited by shares incorporated in England and Wales. The address of the Company's registered office is disclosed on the company information page.
The Company's functional and presentational currency is GBP, rounded to the nearest £1.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
|
|
Exemption from preparing consolidated financial statements
|
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The Company's subsidiaries provide essential services to a diverse portfolio of government and private contractors which means that despite the initial delays that occurred, the Group continues to have a very strong order book. This fact, together with the support of its directors and shareholders and adequate headroom in its overdraft facility over the 12 months from the date of approval of these financial statements gives the directors confidence that the going concern basis of preparation of the accounts continues to be appropriate.
Revenue from management charges receivable is recognised at the agreed rates in accordance with the services provided to other group companies as agreed by the directors. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
|