Company registration number 09386178 (England and Wales)
DAVID (AF) 2 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
DAVID (AF) 2 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DAVID (AF) 2 LIMITED
BALANCE SHEET
AS AT
28 OCTOBER 2024
28 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
349,719
374,109
Current assets
Stocks
6
715
870
Debtors
7
886,050
523,460
Cash at bank and in hand
8,909
145,505
895,674
669,835
Creditors: amounts falling due within one year
8
(737,119)
(605,009)
Net current assets
158,555
64,826
Total assets less current liabilities
508,274
438,935
Creditors: amounts falling due after more than one year
9
(20,740)
(16,694)
Provisions for liabilities
(33,154)
(34,928)
Net assets
454,380
387,313
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
454,379
387,312
Total equity
454,380
387,313
DAVID (AF) 2 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 OCTOBER 2024
28 October 2024
- 2 -

For the financial year ended 28 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved and signed by the director and authorised for issue on 24 October 2025
Mr David O'Donnell
Director
Company registration number 09386178 (England and Wales)
DAVID (AF) 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

David (AF) 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor West, 68 South Lambeth Road, Vauxhall, London, SW8 1RL. The company registration number is 09386178.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Franchise fees
over 5 years
DAVID (AF) 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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:

Leasehold land and buildings
over the life of the lease (15 years)
Fixtures and fittings
20% on reducing balance
Office equipment
20% on 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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Basic financial liabilities

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.

1.8
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.

DAVID (AF) 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases
As lessee

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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

DAVID (AF) 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2024
- 6 -
3
Employees

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

2024
2023
Number
Number
Total
8
8
4
Intangible fixed assets
Franchise fees
£
Cost
At 29 October 2023 and 28 October 2024
19,500
Amortisation and impairment
At 29 October 2023 and 28 October 2024
19,500
Carrying amount
At 28 October 2024
-
0
At 28 October 2023
-
0
5
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 29 October 2023
371,549
301,605
9,949
683,103
Additions
3,668
37,626
-
0
41,294
At 28 October 2024
375,217
339,231
9,949
724,397
Depreciation and impairment
At 29 October 2023
163,167
139,268
6,559
308,994
Depreciation charged in the year
25,015
39,991
678
65,684
At 28 October 2024
188,182
179,259
7,237
374,678
Carrying amount
At 28 October 2024
187,035
159,972
2,712
349,719
At 28 October 2023
208,382
162,337
3,390
374,109
DAVID (AF) 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2024
- 7 -
6
Stocks
2024
2023
£
£
Key fobs
715
870
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
710,483
445,112
Other debtors
158,293
74,499
Prepayments and accrued income
17,274
3,849
886,050
523,460

Included in other debtors are rental deposits totalling £32,400.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Obligations under finance leases
4,334
-
0
Trade creditors
67,888
435
Corporation tax
151,238
97,810
Other taxation and social security
43,517
42,384
Other creditors
382,742
360,693
Accruals and deferred income
77,400
93,687
737,119
605,009
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,694
16,694
Obligations under finance leases
14,046
-
0
20,740
16,694
10
Operating lease commitments
As lessee
DAVID (AF) 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2024
10
Operating lease commitments
(Continued)
- 8 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
612,360
720,360
11
Related party transactions

Included within debtors falling due within one year is an amount of £710,483 (2023: £445,112) due from connected companies and in creditors due within one year is an amount of £376,380 (2023: £342,378) owed to connected companies.

12
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan made
2.25
42,099
134,200
1,490
(52,096)
125,693
42,099
134,200
1,490
(52,096)
125,693
13
Parent company

D O'Donnell, a director of the company, is the ultimate controlling party.

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