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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
Page
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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
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AFW Express Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,990 
48,005 
Current assets
Inventories
151,966 
- 
Debtors
489,895 
305,673 
Cash at bank and in hand
44,551 
119,225 
686,412 
424,898 
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)
Capital and reserves
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
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AFW Express Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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 taxation
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.
Leased assets
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.
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AFW Express Ltd Notes to the Accounts for the year ended 30 June 2024
Pension costs
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.
Going concern
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
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 
Additions
- 
- 
480 
480 
Disposals
(57,265)
- 
- 
(57,265)
At 30 June 2024
- 
4,425 
9,364 
13,789 
Depreciation
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 
Net book value
At 30 June 2024
- 
2,741 
2,249 
4,990 
At 30 June 2023
39,721 
3,425 
4,859 
48,005 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
10,526 
11,616 
Trade debtors
420,136 
251,707 
Accrued income and prepayments
34,343 
16,868 
Other debtors
24,890 
25,482 
489,895 
305,673 
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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 
Accruals
7,643 
5,591 
795,446 
455,380 
7
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 
75,000 
142,917 
8
Controlling party
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).
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