AFC ENTERPRISES LIMITED Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13096782

AFC ENTERPRISES LIMITED

Filleted Unaudited Financial Statements

31 December 2024

AFC ENTERPRISES LIMITED

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	627,379	702,997

Current assets

Stocks		8,112	5,387
Debtors	6	9,811	8,828
Cash at bank and in hand		6,612	10,338
		--------	--------
		24,535	24,553

Creditors: amounts falling due within one year	7	1,291,548	1,116,018
		------------	------------
Net current liabilities		1,267,013	1,091,465
		------------	------------
Total assets less current liabilities		( 639,634)	( 388,468)

Creditors: amounts falling due after more than one year	8	–	8,333
		---------	---------
Net liabilities		( 639,634)	( 396,801)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 639,734)	( 396,901)
	---------	---------
Shareholders deficit	( 639,634)	( 396,801)
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

AFC ENTERPRISES LIMITED

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 22 September 2025 , and are signed on behalf of the board by:

Mr E H C Downham
Director

Company registration number: 13096782

AFC ENTERPRISES LIMITED

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Sr Lynn & Co, 4 Warren Yard, Warren Park, Wolverton Mill, Milton Keynes, MK12 5NW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Going concern

The Company has net liabilities of £639,634 (2023 £396,801), however the Company's main creditor is the Shareholder/Director who has confirmed his continuing support. The trading premises have undergone extensive refurbishment and trading commenced in July 2023. The Director is confident about the Company's ability to trade as a going concern in the future and meet it's financial obligations as they become due. The financial statements have therefore been prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Short leasehold property	-	6% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	20% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets include debtors, cash and bank balances and basic financial liabilities include creditors and loans. Basic financial instruments are initially recognised at transaction price and, where significant, are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where it is recognised, at the present value of the future receipts or payments discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 as a finance cost 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 11 (2023: 6 ).

5. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	50,093	181,509	561,583	24,995	818,180
Additions	–	9,201	10,127	–	19,328
Disposals	–	–	–	( 24,995)	( 24,995)
	--------	---------	---------	--------	---------
At 31 December 2024	50,093	190,710	571,710	–	812,513
	--------	---------	---------	--------	---------
Depreciation
At 1 January 2024	6,262	25,728	73,195	9,998	115,183
Charge for the year	3,130	19,648	57,171	–	79,949
Disposals	–	–	–	( 9,998)	( 9,998)
	--------	---------	---------	--------	---------
At 31 December 2024	9,392	45,376	130,366	–	185,134
	--------	---------	---------	--------	---------
Carrying amount
At 31 December 2024	40,701	145,334	441,344	–	627,379
	--------	---------	---------	--------	---------
At 31 December 2023	43,831	155,781	488,388	14,997	702,997
	--------	---------	---------	--------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	1,200	1,470
Other debtors	8,611	7,358
	-------	-------
	9,811	8,828
	-------	-------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	11,138	10,347
Social security and other taxes	13,455	2,443
Other creditors - salaries & wages	–	704
Other creditors	1,266,955	1,102,524
	------------	------------
	1,291,548	1,116,018
	------------	------------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	–	8,333
	----	-------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr E H C Downham	( 1,092,501)	( 168,227)	( 1,260,728)
	------------	---------	------------

	2023
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr E H C Downham	( 472,629)	( 619,872)	( 1,092,501)
	---------	---------	------------

During the year the director made further interest free loans to the Company. As at 31 December 2024, the loan outstanding was £1,260,728 (2023 £1,092,501). This loan is unsecured, interest free and payable on demand.