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Company No: 02079750 (England and Wales)

AMFAX LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

AMFAX LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

AMFAX LIMITED

BALANCE SHEET

As at 31 March 2024
AMFAX LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 124,694 148,340
124,694 148,340
Current assets
Stocks 4 1,056,256 603,875
Debtors 5 1,227,190 1,329,708
Cash at bank and in hand 91,909 33,424
2,375,355 1,967,007
Creditors: amounts falling due within one year 6 ( 2,206,149) ( 1,846,411)
Net current assets 169,206 120,596
Total assets less current liabilities 293,900 268,936
Creditors: amounts falling due after more than one year 7 0 ( 16,733)
Net assets 293,900 252,203
Capital and reserves
Called-up share capital 290,000 290,000
Profit and loss account 3,900 ( 37,797 )
Total shareholders' funds 293,900 252,203

For the financial 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 financial statements of Amfax Limited (registered number: 02079750) were approved and authorised for issue by the Board of Directors on 23 November 2024. They were signed on its behalf by:

R Stocker
Director
A Smith
Director
AMFAX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
AMFAX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Amfax Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3 Clump Farm Industrial Est, Tin Pot Lane, Blandford Forum, Dorset, DT11 7TE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. Taking into account the known and anticipated pipeline, the working capital available to the company and the current performance of the company, the directors have concluded that the going concern basis is appropriate and have therefore prepared these financial statements on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as a percentage of the full contract value based on the proportion of work undertaken at the balance sheet date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 3 years straight line
Vehicles 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 74 68

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 198,391 546,911 50,740 796,042
Additions 31,627 37,846 0 69,473
Disposals 0 0 ( 1,100) ( 1,100)
At 31 March 2024 230,018 584,757 49,640 864,415
Accumulated depreciation
At 01 April 2023 156,926 466,059 24,717 647,702
Charge for the financial year 39,105 42,959 9,955 92,019
At 31 March 2024 196,031 509,018 34,672 739,721
Net book value
At 31 March 2024 33,987 75,739 14,968 124,694
At 31 March 2023 41,465 80,852 26,023 148,340

4. Stocks

2024 2023
£ £
Stocks 20,000 20,000
Work in progress 1,036,256 583,875
1,056,256 603,875

5. Debtors

2024 2023
£ £
Trade debtors 1,173,825 1,274,062
Other debtors 53,365 55,646
1,227,190 1,329,708

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 79,568 512,607
Other taxation and social security 431,436 150,761
Other creditors 1,695,145 1,183,043
2,206,149 1,846,411

Within other creditors is £235,546 which is secured.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 0 16,733

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 28,800 0

9. Related party transactions

Transactions with the entity's directors

The Director's loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2023, the balance owed to A Smith was £2,019. During the year, £nil was advanced to the director, and £2,019 was repaid. At 31 March 2024, there was no balance due to the company.

At 1 April 2022, the balance owed to A Smith was £12,048. During the year, £26,067 was advanced to the director, and £12,000 was repaid. At 31 March 2023, the balance owed by the director was £2,019. Interest of £67 was charged at HMRC official rates.