Registered number
07399062
AFAK Trading Ltd
Filleted Accounts
31 March 2024
AFAK Trading Ltd
Registered number: 07399062
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 98,585 86,075
Tangible assets 4 55,386 63,605
153,971 149,680
Current assets
Stocks 2,364,964 2,094,807
Debtors 5 1,150,780 1,246,250
Cash at bank and in hand 143,855 59,319
3,659,599 3,400,376
Creditors: amounts falling due within one year 6 (911,583) (682,370)
Net current assets 2,748,016 2,718,006
Total assets less current liabilities 2,901,987 2,867,686
Creditors: amounts falling due after more than one year 7 (2,212,386) (2,198,276)
Provisions for liabilities (12,684) (11,703)
Net assets 676,917 657,707
Capital and reserves
Called up share capital 300 300
Profit and loss account 676,617 657,407
Shareholders' funds 676,917 657,707
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Khalid Ali
Director
Approved by the board on 17 December 2024
AFAK Trading Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Intangible fixed assets over 5 years
Plant and machinery including furniture & fixtures over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 25 23
3 Intangible fixed assets £
Goodwill Software Total
£ £ £
Cost
At 1 April 2023 50,000 50,100 100,100
Additions - 28,162 28,162
At 31 March 2024 50,000 78,262 128,262
Amortisation
At 1 April 2023 - 14,025 14,025
Provided during the year - 15,652 15,652
At 31 March 2024 - 29,677 29,677
Net book value
At 31 March 2024 50,000 48,585 98,585
At 31 March 2023 50,000 36,075 86,075
4 Tangible fixed assets
Leasehold Improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 7,500 119,323 79,014 205,837
Additions - - 29,974 29,974
At 31 March 2024 7,500 119,323 108,988 235,811
Depreciation
At 1 April 2023 3,000 104,428 34,804 142,232
Charge for the year 1,500 14,895 21,798 38,193
At 31 March 2024 4,500 119,323 56,602 180,425
Net book value
At 31 March 2024 3,000 - 52,386 55,386
At 31 March 2023 4,500 14,895 44,210 63,605
5 Debtors 2024 2023
£ £
Trade debtors 834,226 687,746
Other debtors 316,554 558,504
1,150,780 1,246,250
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 641,248 516,266
Taxation and social security costs 35,900 12,417
Other creditors 234,435 153,687
911,583 682,370
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 2,212,386 2,198,276
8 Other information
AFAK Trading Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 11, Duddeston Mill Trad Estate
Duddeston, Mill Road
Saltley
Birmingham
B8 1AP
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