AFLSP Limited Company accounts

COMPANY REGISTRATION NUMBER: 08477769

AFLSP Limited

Unaudited Accounts

31 December 2024

AFLSP Limited

Accounts

Year ended 31 December 2024

Contents	Pages

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3 to 4

Notes to the accounts	5 to 10

AFLSP Limited

Director's Report

Year ended 31 December 2024

The director presents his report and the unaudited accounts of the company for the year ended 31 December 2024 .

Director

The director who served the company during the year was as follows:

K D Ashton

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 December 2025 and signed on behalf of the board by:

K D Ashton
Director

Registered office:

10 Orange Street

Haymarket

England

WC2H 7DQ

AFLSP Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	3,226,811	4,660,561

Cost of sales	( 2,232,833)	( 3,195,411)
	------------	------------
Gross profit	993,978	1,465,150

Distribution costs	( 35,017)	( 24,971)
Administrative expenses	( 933,229)	( 1,240,631)
	---------	------------
Operating profit	25,732	199,548

Other interest receivable	109	5,899
Interest payable and similar expenses	( 12,291)	( 17,782)
	---------	------------
Profit before taxation	13,550	187,665

Tax on profit	–	49,647
	--------	---------
Profit for the financial year and total comprehensive income	13,550	237,312
	--------	---------

Retained earnings at the start of the year	1,209,794	972,482
	------------	------------
Retained earnings at the end of the year	1,223,344	1,209,794
	------------	------------

All the activities of the company are from continuing operations.

AFLSP Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6	18,626	16,325
Investments	7	120	120
		--------	--------
		18,746	16,445

Current assets

Debtors	8	2,261,688	2,122,405
Cash at bank and in hand		178,239	414,737
		------------	------------
		2,439,927	2,537,142

Creditors: amounts falling due within one year	9	( 1,191,162)		( 1,289,626)
		------------		------------
Net current assets			1,248,765	1,247,516
			------------	------------
Total assets less current liabilities			1,267,511	1,263,961

Creditors: amounts falling due after more than one year	10	( 4,167)	( 14,167)
		------------	------------
Net assets		1,263,344	1,249,794
		------------	------------

Capital and reserves

Called up share capital	40,000	40,000
Profit and loss account	1,223,344	1,209,794
	------------	------------
Shareholders funds	1,263,344	1,249,794
	------------	------------

These accounts have been prepared 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'.

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 accounts 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 accounts .

AFLSP Limited

Statement of Financial Position (continued)

31 December 2024

These accounts were approved by the board of directors and authorised for issue on 30 December 2025 , and are signed on behalf of the board by:

K D Ashton
Director

Company registration number: 08477769

AFLSP Limited

Notes to the Accounts

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 10 Orange Street, Haymarket, WC2H 7DQ, England.

2. Statement of compliance

These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.

Going concern

In the Directors' opinion based on positive cash balances and its working capital requirements, the company has sufficient funds to meet its liabilities for at least twelve months from approval of these accounts. The directors have therefore concluded that it is appropriate to prepare the accounts under the going concern basis.

Consolidation

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

Revenue recognition

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Revenues from time and materials contracts are recognised as services are rendered. Revenue form fixed price contracts are recognised under the percentage of completion method. Under this method, revenue is recognised as work on the contract progresses. Amounts recoverable on contracts not yet invoiced, which are included in other debtors, are stated at the net sales value of work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Taxation

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

	Goodwill	-	20% 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

Assets purchased as part of a business combination are revalued to their fair value by reference to the previous book value and their value in use. All other fixed assets are initially recorded at cost.

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:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Office Equipment	-	25% straight line

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution plans

The company operates a defined contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 25 (2023: 27 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	503,734
	---------
Amortisation
At 1 January 2024 and 31 December 2024	503,734
	---------
Carrying amount
At 31 December 2024	–
	---------
At 31 December 2023	–
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Office Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	77,229	25,175	163,556	265,960
Additions	–	–	10,803	10,803
	--------	--------	---------	---------
At 31 December 2024	77,229	25,175	174,359	276,763
	--------	--------	---------	---------
Depreciation
At 1 January 2024	77,229	25,175	147,231	249,635
Charge for the year	–	–	8,502	8,502
	--------	--------	---------	---------
At 31 December 2024	77,229	25,175	155,733	258,137
	--------	--------	---------	---------
Carrying amount
At 31 December 2024	–	–	18,626	18,626
	--------	--------	---------	---------
At 31 December 2023	–	–	16,325	16,325
	--------	--------	---------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024	121
Disposals	( 1)
	----
At 31 December 2024	120
	----
Impairment
At 1 January 2024	1
Disposals	( 1)
	----
At 31 December 2024	–
	----

Carrying amount
At 31 December 2024	120
	----
At 31 December 2023	120
	----

8. Debtors

	2024	2023
	£	£
Trade debtors	464,258	286,970
Amounts owed by group undertakings and undertakings in which the company has a participating interest	276,533	241,745
Other debtors	1,520,897	1,593,690
	------------	------------
	2,261,688	2,122,405
	------------	------------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	290,530	403,042
Corporation tax	79,893	1,291
Social security and other taxes	188,439	179,800
Other creditors	622,300	695,493
	------------	------------
	1,191,162	1,289,626
	------------	------------

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

	2024	2023
	£	£
Bank loans and overdrafts	4,167	14,167
	-------	--------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	35,167	39,496
Later than 1 year and not later than 5 years	5,861	41,028
	--------	--------
	41,028	80,524
	--------	--------

12. 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
	£	£	£
P L Simpson	–	–	–
K D Ashton	213,345	236,720	450,065
	---------	---------	---------
	213,345	236,720	450,065
	---------	---------	---------

	2023
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
P L Simpson	7,256	( 7,256)	–
K D Ashton	62,417	150,928	213,345
	--------	---------	---------
	69,673	143,672	213,345
	--------	---------	---------

13. Related party transactions

During the year, and after accounting for foreign exchange movements, advances totalling £194,733 (2022: £364,627) were made to Space & Place LDA. Space & Place LDA invoiced £161,013 (2023: £331,791), leaving an outstanding balance of £128,439 at year-end (2023: £94,720). The share capital of the entity is owned by the directors of AFLSP Limited , and the directors deem the balance to be fully recoverable. No other transactions with related parties were undertaken as such are required to be disclosed under FRS 102 Section 1A.

14. Controlling party

The immediate parent of the company is Space And Place Ltd . The overall controlling party of AFLSP Limited is director K D Ashton .