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Company registration number: SC549176
AFL Financial Planning Services Limited
Unaudited financial statements
30 April 2024
AFL Financial Planning Services Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Notes to the financial statements
AFL Financial Planning Services Limited
Directors and other information
Directors
Mr L J Malin
Ms M McMillan
Mr S A Murphy
Company number SC549176
Registered office Offices F1-F4, Monreith House
The Crichton
Bankend Road
Dumfries
DG1 4ZZ
Accountants Carson & Trotter
123 Irish Street
Dumfries
DG1 2PE
AFL Financial Planning Services Limited
Directors report
Year ended 30 April 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2024.
Directors
The directors who served the company during the year were as follows:
Mr L J Malin
Ms M McMillan
Mr S A Murphy
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 January 2025 and signed on behalf of the board by:
Mr S A Murphy
Director
AFL Financial Planning Services Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of AFL Financial Planning Services Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AFL Financial Planning Services Limited for the year ended 30 April 2024 which comprise the statement of comprehensive income, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are 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 AFL Financial Planning Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of AFL Financial Planning Services Limited and state those matters that we have agreed to state to the board of directors of AFL Financial Planning Services 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, we do not accept or assume responsibility to anyone other than AFL Financial Planning Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that AFL Financial Planning Services 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 profit of AFL Financial Planning Services Limited. You consider that AFL Financial Planning Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of AFL Financial Planning Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
23 January 2025
AFL Financial Planning Services Limited
Statement of comprehensive income
Year ended 30 April 2024
2024 2023
Note £ £
Turnover 1,124,305 1,060,892
Cost of sales - -
Administrative expenses ( 637,950) ( 670,194)
_______ _______
Operating profit 486,355 390,698
Interest payable and similar expenses ( 116,082) ( 82,181)
_______ _______
Profit before taxation 5 370,273 308,517
Tax on profit ( 92,569) ( 60,494)
_______ _______
Profit for the financial year and total comprehensive income 277,704 248,023
_______ _______
All the activities of the company are from continuing operations.
AFL Financial Planning Services Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 4,683 5,674
_______ _______
4,683 5,674
Current assets
Stocks 450 450
Debtors 7 1,549,854 1,549,854
Cash at bank and in hand 16,272 42,984
_______ _______
1,566,576 1,593,288
Creditors: amounts falling due
within one year 8 ( 255,824) ( 212,235)
_______ _______
Net current assets 1,310,752 1,381,053
_______ _______
Total assets less current liabilities 1,315,435 1,386,727
Creditors: amounts falling due
after more than one year 9 ( 1,233,407) ( 1,380,801)
Provisions for liabilities ( 774) ( 934)
_______ _______
Net assets 81,254 4,992
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 81,154 4,892
_______ _______
Shareholders funds 81,254 4,992
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 23 January 2025 , and are signed on behalf of the board by:
Mr S A Murphy
Director
Company registration number: SC549176
AFL Financial Planning Services Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Offices F1-F4, Monreith House, The Crichton, Bankend Road, Dumfries, DG1 4ZZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
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.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 1,171 1,419
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2023 20,782 20,782
Additions 180 180
_______ _______
At 30 April 2024 20,962 20,962
_______ _______
Depreciation
At 1 May 2023 15,108 15,108
Charge for the year 1,171 1,171
_______ _______
At 30 April 2024 16,279 16,279
_______ _______
Carrying amount
At 30 April 2024 4,683 4,683
_______ _______
At 30 April 2023 5,674 5,674
_______ _______
7. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,549,854 1,549,854
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Loan 147,768 138,442
Corporation tax 92,729 60,333
Social security and other taxes 9,557 6,860
Other creditors 5,770 6,600
_______ _______
255,824 212,235
_______ _______
There is a fixed and floating charge over the whole assets of the company.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 1,233,407 1,380,801
_______ _______
There is a fixed and floating charge over the whole assets of the company.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Related party transactions
There is a loan to the parent company, Advice For Life Holdings Limited, in the sum of £1,549,854 which is repayable on demand.
12. Controlling party
The company is a wholly owned subsidiary of Advice For Life Holdings Limited.