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Company registration number: 05686348







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


AFL GROUP LIMITED






































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AFL GROUP LIMITED
REGISTERED NUMBER:05686348



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
351,001
351,001

  
351,001
351,001

Current assets
  

Debtors: amounts falling due within one year
 5 
595,902
541,502

Cash at bank and in hand
  
861
692

  
596,763
542,194

Creditors: amounts falling due within one year
 6 
(878,381)
(828,644)

Net current liabilities
  
 
 
(281,618)
 
 
(286,450)

Total assets less current liabilities
  
69,383
64,551

  

Net assets
  
69,383
64,551


Capital and reserves
  

Allotted, called up and fully paid share capital
  
100
100

Profit and loss account
  
69,283
64,451

  
69,383
64,551


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M. R. Jones
Director

Date: 23 August 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 


AFL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

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

 
2.1

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:

 
2.2

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.

 
2.3

Going concern

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.

 
2.4

Revenue recognition

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.

Page 2

 


AFL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
4
4


4.


Fixed asset investments








Shares in group undertakings

£



Cost


At 1 March 2023
351,001



At 29 February 2024
351,001




Page 3

 


AFL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
58,000
-

Amounts owed by group undertakings
537,902
541,502

595,902
541,502



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
82
80

Amounts owed to group undertakings
867,202
817,201

Corporation tax
1,134
1,206

Other taxation and social security
9,963
10,147

Accruals and deferred income
-
10

878,381
828,644



7.


Other financial commitments

The Company's assets are pledged as security over the group bank borrowings, by means of a fixed and floating charge. As at 28 February 2024, the group had bank borrowings totalling £334,308 (2023 - £225,695).
The Company has undertaken to guarantee operating lease commitments totalling £22,770 (2023 - £103,323) on behalf of its subsidiary Perimeter Security Maintenance & Technologies Limited. 
The directors consider it unlikely that any future liability will arise in respect of the above guarantees and therefore no liability is included on the balance sheet as at 28 February 2024 in respect of these guarantees.


8.


Ultimate parent company

The immediate and ultimate parent undertaking is Allens TPS Group Limited, a company which is registered in England and Wales. The address of thier registered office is Birch Walk, West Byfleet, KT14 6EJ. 
Allens TPS Group Limited prepares consolidated accounts which are available from Companies House.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 29 February 2024 was unqualified.

The audit report was signed on 23 August 2024 by Anna Johnston ACA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 4