Company Registration No. 13441522 (England and Wales)
AFW Express Ltd
Unaudited accounts
for the year ended 30 June 2024
AFW Express Ltd
Unaudited accounts
Contents
AFW Express Ltd
Company Information
for the year ended 30 June 2024
Directors
J W Wheeler
CC Fox
Company Number
13441522 (England and Wales)
Registered Office
Suite A, 1st Floor
Oslands Court, Oslands Lane
Lower Swanick, Southampton
Hampshire
SO31 7EG
Accountants
Babcock Tax & Accountancy Services Ltd
The Florins, 8 Lulworth Close
Hayling Island
Hampshire
PO11 0NY
AFW Express Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
4,990
48,005
Cash at bank and in hand
44,551
119,225
Creditors: amounts falling due within one year
(795,446)
(455,380)
Net current liabilities
(109,034)
(30,482)
Total assets less current liabilities
(104,044)
17,523
Creditors: amounts falling due after more than one year
(75,000)
(142,917)
Net liabilities
(179,044)
(125,394)
Called up share capital
100
100
Profit and loss account
(179,144)
(125,494)
Shareholders' funds
(179,044)
(125,394)
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by
J W Wheeler
Director
Company Registration No. 13441522
AFW Express Ltd
Notes to the Accounts
for the year ended 30 June 2024
AFW Express Ltd is a private company, limited by shares, registered in England and Wales, registration number 13441522. The registered office is Suite A, 1st Floor, Oslands Court, Oslands Lane, Lower Swanick, Southampton, Hampshire, SO31 7EG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
AFW Express Ltd
Notes to the Accounts
for the year ended 30 June 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue the business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion. It is also valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2023
57,265
4,425
8,884
70,574
Disposals
(57,265)
-
-
(57,265)
At 30 June 2024
-
4,425
9,364
13,789
At 1 July 2023
17,544
1,000
4,025
22,569
Charge for the year
-
684
3,090
3,774
On disposals
(17,544)
-
-
(17,544)
At 30 June 2024
-
1,684
7,115
8,799
At 30 June 2024
-
2,741
2,249
4,990
At 30 June 2023
39,721
3,425
4,859
48,005
Amounts falling due within one year
Trade debtors
420,136
251,707
Accrued income and prepayments
34,343
16,868
Other debtors
24,890
25,482
AFW Express Ltd
Notes to the Accounts
for the year ended 30 June 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
72,311
62,500
Obligations under finance leases and hire purchase contracts
-
19,965
Trade creditors
466,705
89,126
Amounts owed to group undertakings and other participating interests
162,266
257,303
Taxes and social security
74,259
14,488
Other creditors
12,262
6,407
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Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
5,417
Other creditors
75,000
137,500
The controlling parties are Mr J Wheeler and Mr C Fox.
9
Average number of employees
During the year the average number of employees was 13 (2023: 8).