AFAB Holdings Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC173934

AFAB Holdings Limited

Filleted Unaudited Financial Statements

31 December 2024

AFAB Holdings Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	6	2,642,516	2,689,087
Investments	7	501	501
		------------	------------
		2,643,017	2,689,588

Current assets

Stocks		27,272	29,043
Debtors	8	776,949	326,269
Cash at bank and in hand		611,961	134,566
		------------	---------
		1,416,182	489,878

Creditors: amounts falling due within one year	9	1,027,347	578,061
		------------	---------
Net current assets/(liabilities)		388,835	( 88,183)
		------------	------------
Total assets less current liabilities		3,031,852	2,601,405

Creditors: amounts falling due after more than one year	10	430,069	373,973

Provisions

Deferred taxation	75,646	85,025
	------------	------------
Net assets	2,526,137	2,142,407
	------------	------------

AFAB Holdings Limited

Statement of Financial Position (continued)

31 December 2024

	2024	2023
Note	£	£

Capital and reserves

Called up share capital	1,993	1,993
Share premium account	1,473,508	1,473,508
Profit and loss account	1,050,636	666,906
	------------	------------
Shareholders funds	2,526,137	2,142,407
	------------	------------

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 comprehensive income 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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:

J M Mitchell

Director

Company registration number: SC173934

AFAB Holdings 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 Scotland. The address of the registered office is Links Place, Aberdeen, AB11 5DY.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company's forecasts and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated from operations. The Directors consider that, after making appropriate enquiries, they have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing these Financial Statements.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intellectual property	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

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:

Heritable property	-	No depreciation charged on leasehold property
Leasehold Property	-	30 years straight line
Plant & machinery	-	20% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 45 (2023: 42 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	150,000
	---------
Amortisation
At 1 January 2024 and 31 December 2024	150,000
	---------
Carrying amount
At 31 December 2024	–
	---------
At 31 December 2023	–
	---------

6. TANGIBLE ASSETS

	Heritable property	Leasehold property - caravan	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Jan 2024	3,878,514	114,670	181,458	10,184	156,458	4,341,284
Additions	–	–	–	954	–	954
	------------	---------	---------	--------	---------	------------
At 31 Dec 2024	3,878,514	114,670	181,458	11,138	156,458	4,342,238
	------------	---------	---------	--------	---------	------------
Depreciation
At 1 Jan 2024	1,477,414	1,433	148,392	7,968	16,990	1,652,197
Charge for the year	–	3,822	7,780	1,057	34,866	47,525
	------------	---------	---------	--------	---------	------------
At 31 Dec 2024	1,477,414	5,255	156,172	9,025	51,856	1,699,722
	------------	---------	---------	--------	---------	------------
Carrying amount
At 31 Dec 2024	2,401,100	109,415	25,286	2,113	104,602	2,642,516
	------------	---------	---------	--------	---------	------------
At 31 Dec 2023	2,401,100	113,237	33,066	2,216	139,468	2,689,087
	------------	---------	---------	--------	---------	------------

The directors consider that the company's heritable property is carried at its market value.

7. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	501
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	501
	----
At 31 December 2023	501
	----

8. DEBTORS

	2024	2023
	£	£
Trade debtors	760,326	312,807
Other debtors	16,623	13,462
	---------	---------
	776,949	326,269
	---------	---------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	139,649	94,466
Amounts owed to group undertakings and undertakings in which the company has a participating interest	102,842	102,842
Corporation tax	163,874	33,382
Social security and other taxes	356,616	143,090
Other creditors	264,366	204,281
	------------	---------
	1,027,347	578,061
	------------	---------

The company has provided security to its bank in relation to borrowing facilities.

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Other loans	430,069	373,973
	---------	---------

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, an amount of £17,762 (2023 - £3,744) was due to the directors and this is disclosed in Other creditors in the above note on Creditors: amounts falling due within one year. There is no interest being charged on this amount and there are no terms of repayment.

12. RELATED PARTY TRANSACTIONS

At the period-end, an amount of £102,842 (2023 - £102,842) was due by AFAB Holdings Limited to its subsidiary company, REDD Scotland Limited (formerly Aberdeen Fabrication Limited). This amount is disclosed above as Amounts owed to group undertakings and undertakings in which the company has a participating interest in the note Creditors: amounts falling due within one year. There is no interest being charged on this amount and there are no terms for repayment.

13. CONTROLLING PARTY

On 6 June 2023, the company became a subsidiary of MACJ Investments Limited, a company registered in Scotland. JM Mitchell is the ultimate controlling party.