AFRICAN SPECIALITY PRODUCTS LIMITED

Company Registration Number:
04044245 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2024

Period of accounts

Start date: 01 August 2023

End date: 31 July 2024

AFRICAN SPECIALITY PRODUCTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Balance sheet
Notes

AFRICAN SPECIALITY PRODUCTS LIMITED

Balance sheet

As at 31 July 2024


Notes

2024

2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 899 1,344
Investments: 4 144,843 157,343
Total fixed assets: 145,742 158,687
Current assets
Stocks: 10,009 4,345
Debtors: 5 48,958 77,105
Cash at bank and in hand: 3,377 1,259
Investments:   0 0
Total current assets: 62,344 82,709
Creditors: amounts falling due within one year: 6 (51,970) (60,825)
Net current assets (liabilities): 10,374 21,884
Total assets less current liabilities: 156,116 180,571
Creditors: amounts falling due after more than one year:   (5,700) (5,700)
Total net assets (liabilities): 150,416 174,871
Capital and reserves
Called up share capital: 200 200
Share premium account: 9,996 9,996
Profit and loss account: 140,220 164,675
Shareholders funds: 150,416 174,871

The notes form part of these financial statements

AFRICAN SPECIALITY PRODUCTS LIMITED

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 March 2025
and signed on behalf of the board by:

Name: Jeremy Lefroy
Status: Director

The notes form part of these financial statements

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover shown in the profit and loss account represents revenue earned during the year, exclusive of VAT,.

Tangible fixed assets and depreciation policy

Depreciation has been provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Office equipment and software 50% straight line Office furniture 20% straight line

Valuation and information policy

Stocks and work in progress have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies

Taxation policy Corporation tax payable is provided on taxable profits at the current rate. Deferred taxation policy Deferred taxation is recognised in respect of all timing differences that have originated but not been reversed at balance sheet date. Timing differences are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted. Policy on foreign currencies Transactions in foreign currencies are recorded at the rate of exchange for the day on which the transaction occurred or, if hedged, at the forward contract rate. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date or, if appropriate, at the forward contract rate. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date or, if appropriate, at the forward contract rate. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the profit and loss account. Policy on investments Fixed asset investments are shown at cost less provision for impairment. Policy on pension costs The company does not operate a pension scheme. All employees are enrolled in the NEST pension scheme.

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

2. Employees

2024 2023
Average number of employees during the period 2 2

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible Assets

Total
Cost £
At 01 August 2023 15,067
Additions 185
Transfers (10)
At 31 July 2024 15,242
Depreciation
At 01 August 2023 13,723
Charge for year 620
At 31 July 2024 14,343
Net book value
At 31 July 2024 899
At 31 July 2023 1,344

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Fixed investments

During the year ended 31 July 2023, the Company reversed the write-down of £20,000 of an investment in a UK company made in the previous year as a result of a re-evaluation of the prospects of the investment. The investment is now again stated at cost. The remaining investments relate to a botanical extraction business in Kenya, a financial services business in Mauritius (with subsidiaries in Tanzania and Kenya) and a social housing provider in the UK. All are stated at cost.

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Debtors

2024 2023
££
Debtors due after more than one year: 0 0

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due within one year note

Loan 2024 - 5,700 2023 - 5,700

AFRICAN SPECIALITY PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

7. Loans to directors

Name of director receiving advance or credit: Jeremy Lefroy
Description of the loan: Advances on account
£
Balance at 01 August 2023 39,285
Advances or credits made: 0
Advances or credits repaid: 39,285
Balance at 31 July 2024 0

Amount from director 2024 - £0 2023 £39,285