Company registration number 10379490 (England and Wales)
AFB PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
AFB PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AFB PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10379490)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,397
-
0
Investment property
4
620,000
422,905
Investments
5
65
-
0
626,462
422,905
Current assets
Debtors
7
22,935
-
0
Cash at bank and in hand
1,994
1,445
24,929
1,445
Creditors: amounts falling due within one year
8
(82,536)
(31,152)
Net current liabilities
(57,607)
(29,707)
Total assets less current liabilities
568,855
393,198
Creditors: amounts falling due after more than one year
9
(420,767)
(417,908)
Provisions for liabilities
(35,994)
-
0
Net assets/(liabilities)
112,094
(24,710)
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
10
135,239
4,138
Distributable profit and loss reserves
(23,245)
(28,948)
Total equity
112,094
(24,710)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

AFB PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10379490)
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
Mr A R Sayers
Director
AFB PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

AFB Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of consideration received or receivable for the rental income provided in the normal course of business The following criteria must also be met before turnover is recognised.

Turnover from a contract to provide services is recognised in the period in which the rental services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance

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.

AFB PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment property is not subject to depreciation.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AFB PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 October 2023
-
0
Additions
8,530
At 30 September 2024
8,530
Depreciation and impairment
At 1 October 2023
-
0
Depreciation charged in the year
2,133
At 30 September 2024
2,133
Carrying amount
At 30 September 2024
6,397
At 30 September 2023
-
0

Included within tangible assets is a balance of £6,397 held under hire purchase.

AFB PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 October 2023
422,905
Additions
30,000
Revaluations
167,095
At 30 September 2024
620,000

The investment property is included at the market value of £620,000 as valued by the directors' best estimate.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
65
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
-
Additions
65
At 30 September 2024
65
Carrying amount
At 30 September 2024
65
At 30 September 2023
-
6
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Longford Living Ltd
22 Newman Way, Billingshurst, England, RH14 9ZP
Ordinary
65.00
AFB PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
22,935
-
0
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30
594
Other creditors
82,506
30,558
82,536
31,152
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
417,924
417,908
Other creditors
2,843
-
0
420,767
417,908

The bank loan is secured by way of a fixed charge and contains a negative pledge.

10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
4,138
-
Non distributable profits in the year
131,101
4,138
At the end of the year
135,239
4,138
11
Related party transactions

Included within other debtors is a balance of £22,935 (2023: £nil) owed by a connected company.

Included within other creditors is a balance of £33,500 (2023: £10,000) owed to a connected company.

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