IRIS Accounts Production v24.3.0.553 SC471304 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4713042023-01-31SC4713042024-01-31SC4713042023-02-012024-01-31SC4713042022-01-31SC4713042022-02-012023-01-31SC4713042023-01-31SC471304ns15:Scotland2023-02-012024-01-31SC471304ns14:PoundSterling2023-02-012024-01-31SC471304ns10:Director12023-02-012024-01-31SC471304ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31SC471304ns10:SmallEntities2023-02-012024-01-31SC471304ns10:AuditExemptWithAccountantsReport2023-02-012024-01-31SC471304ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31SC471304ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31SC471304ns10:FullAccounts2023-02-012024-01-31SC47130412023-02-012024-01-31SC471304ns10:Director22023-02-012024-01-31SC471304ns10:RegisteredOffice2023-02-012024-01-31SC471304ns5:CurrentFinancialInstruments2024-01-31SC471304ns5:CurrentFinancialInstruments2023-01-31SC471304ns5:Non-currentFinancialInstruments2024-01-31SC471304ns5:Non-currentFinancialInstruments2023-01-31SC471304ns5:ShareCapital2024-01-31SC471304ns5:ShareCapital2023-01-31SC471304ns5:SharePremium2024-01-31SC471304ns5:SharePremium2023-01-31SC471304ns5:RetainedEarningsAccumulatedLosses2024-01-31SC471304ns5:RetainedEarningsAccumulatedLosses2023-01-31SC471304ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-31SC471304ns5:PatentsTrademarksLicencesConcessionsSimilar2023-02-012024-01-31SC471304ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-02-012024-01-31SC471304ns5:LeaseholdImprovements2023-02-012024-01-31SC471304ns5:PlantMachinery2023-02-012024-01-31SC471304ns5:FurnitureFittings2023-02-012024-01-31SC471304ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-31SC471304ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-31SC471304ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-31SC471304ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-01-31SC471304ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-31SC471304ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-31SC471304ns5:LeaseholdImprovements2023-01-31SC471304ns5:PlantMachinery2023-01-31SC471304ns5:FurnitureFittings2023-01-31SC471304ns5:LeaseholdImprovements2024-01-31SC471304ns5:PlantMachinery2024-01-31SC471304ns5:FurnitureFittings2024-01-31SC471304ns5:LeaseholdImprovements2023-01-31SC471304ns5:PlantMachinery2023-01-31SC471304ns5:FurnitureFittings2023-01-31SC471304ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-31SC471304ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-31
REGISTERED NUMBER: SC471304 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

AF Clothing Limited

AF Clothing Limited (Registered number: SC471304)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountant's Report 10

AF Clothing Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Ms A Feechan
J Crawford Anderson





REGISTERED OFFICE: 83 High Street
Innerleithen
EH44 6HD





REGISTERED NUMBER: SC471304 (Scotland)





ACCOUNTANT: Gall Robertson CA
Tweedside Park
Tweedbank
Galashiels
Selkirkshire
TD1 3TE

AF Clothing Limited (Registered number: SC471304)

Statement of Financial Position
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,815 2,455
Tangible assets 5 20,341 18,275
22,156 20,730

CURRENT ASSETS
Stocks 6 113,464 261,792
Debtors 7 7,289 8,038
Prepayments and accrued income 49,750 31,720
Cash at bank and in hand 79,138 192,320
249,641 493,870
CREDITORS
Amounts falling due within one year 8 347,812 314,982
NET CURRENT (LIABILITIES)/ASSETS (98,171 ) 178,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

(76,015

)

199,618

CREDITORS
Amounts falling due after more than one
year

9

(69,391

)

(100,614

)

ACCRUALS AND DEFERRED INCOME 11 (57,547 ) (29,594 )
NET (LIABILITIES)/ASSETS (202,953 ) 69,410

CAPITAL AND RESERVES
Called up share capital 4 4
Share premium 766,245 766,245
Retained earnings (969,202 ) (696,839 )
(202,953 ) 69,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AF Clothing Limited (Registered number: SC471304)

Statement of Financial Position - continued
31 January 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





Ms A Feechan - Director


AF Clothing Limited (Registered number: SC471304)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

AF Clothing Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The directors have assessed a period of 12 months from the date of approval of the financial statements and consider that no material uncertainties exist that cast significant doubt about the ability of the company to continue as a going concern. Thus the directors adopt the going concern basis of accounting in preparing the financial statements.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of five years.

AF Clothing Limited (Registered number: SC471304)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 20% on cost
Equipment - 33% on cost
Prototypes & samples - 33% on cost

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Impairment
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.

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 are largely independent of the cash inflows from other assets or groups of assets.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

AF Clothing Limited (Registered number: SC471304)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities including trade creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Compound instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instruments maturity date. The equity component is determined by deducting the amount of the liability from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

AF Clothing Limited (Registered number: SC471304)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 February 2023 170 11,038 11,208
Additions 1,320 - 1,320
At 31 January 2024 1,490 11,038 12,528
AMORTISATION
At 1 February 2023 139 8,614 8,753
Amortisation for year 50 1,910 1,960
At 31 January 2024 189 10,524 10,713
NET BOOK VALUE
At 31 January 2024 1,301 514 1,815
At 31 January 2023 31 2,424 2,455

AF Clothing Limited (Registered number: SC471304)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Improvements
to Prototypes
property Equipment & samples Totals
£    £    £    £   
COST
At 1 February 2023 11,662 8,054 15,232 34,948
Additions 4,649 2,748 3,696 11,093
At 31 January 2024 16,311 10,802 18,928 46,041
DEPRECIATION
At 1 February 2023 3,825 5,460 7,388 16,673
Charge for year 2,849 2,159 4,019 9,027
At 31 January 2024 6,674 7,619 11,407 25,700
NET BOOK VALUE
At 31 January 2024 9,637 3,183 7,521 20,341
At 31 January 2023 7,837 2,594 7,844 18,275

6. STOCKS
31.1.24 31.1.23
£    £   
Stocks 103,060 251,776
Raw materials 10,404 10,016
113,464 261,792

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 7,289 8,038

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 29,400 27,750
Trade creditors 12,510 13,159
Taxation and social security 7,290 23,067
Other creditors 298,612 251,006
347,812 314,982

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 69,391 100,614

AF Clothing Limited (Registered number: SC471304)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

10. FINANCIAL INSTRUMENTS

Included within other creditors is £250,000 of unsecured convertible loan notes which were issued during the previous year at a price of £1 per note. The notes are convertible into ordinary shares of the company upon the next "relevant fundraising event", change of control of ordinary Shares or by written request of the note holders.

Interest is accrued at 10% per annum. Interest accrued in the period was £38,288 (2023 - £13,288) and is included within accruals.

No equity element of the loan notes has been recognised in the financial statements on the basis that no fixed conversion date is set.

11. ACCRUALS AND DEFERRED INCOME
31.1.24 31.1.23
£    £   
Accruals and deferred income 57,547 29,594

Chartered Accountant's Report to the Board of Directors
on the Unaudited Financial Statements of
AF Clothing Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of AF Clothing Limited for the year ended 31 January 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of ICAS, I am subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of AF Clothing Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of AF Clothing Limited and state those matters that I have agreed to state to the Board of Directors of AF Clothing Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that AF Clothing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of AF Clothing Limited. You consider that AF Clothing Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of AF Clothing Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Gall Robertson CA
Tweedside Park
Tweedbank
Galashiels
Selkirkshire
TD1 3TE


29 November 2024