ACCOUNTS - Final Accounts preparation

Company Registration Number: 03102102

AFPP LTD.

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

AFPP LTD.

REGISTERED NUMBER: 03102102

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Intangible assets	4		-		-
Tangible assets	5		-		2,000
			-		2,000
Current assets
Stocks	6	4,378		4,378
Debtors: amounts falling due within one year	7	150,012		251,333
Cash at bank and in hand	8	194,943		213,537
		349,333		469,248
Creditors: amounts falling due within one year	9	(272,755)		(440,502)
Net current assets			76,578		28,746
Total assets less current liabilities			76,578		30,746

Net assets			76,578		30,746

Capital and reserves
Called up share capital	10	1,000	1,000
Profit and loss account		75,578	29,746
		76,578	30,746

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AFPP LTD.

REGISTERED NUMBER: 03102102

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

O D Tierney

Director

Date: 7 September 2026

The notes on pages 3 to 9 form part of these financial statements.

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AFPP LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

AfPP Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 7 Grimbald Crag Court, St James Business Park, Knaresborough, HG5 8QB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes the continued support of the parent charity. In assessing going concern the directors have prepared cash flow forecasts for a period of at least 12 months from the date of signing and have concluded that the going concern basis of preparation is appropriate.

2.3

Revenue

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.

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 it is probable will be recovered.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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AFPP LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill

years

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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AFPP LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

20%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable cash-generatin amount of an individual asset, the company estimates the recoverable amount of the unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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AFPP LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.10

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.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

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.

2.13

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.14

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2025 - £NIL).

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AFPP LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

4.	Intangible assets

		Goodwill
		£

	At 1 April 2025	15,000
	At 31 March 2026	15,000

	At 1 April 2025	15,000
	At 31 March 2026	15,000
	Net book value
	At 31 March 2026	-
	At 31 March 2025	-

5.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 April 2025	14,000
	At 31 March 2026	14,000
	Depreciation
	At 1 April 2025	12,000
	Charge for the year on owned assets	2,000
	At 31 March 2026	14,000
	Net book value
	At 31 March 2026	-
	At 31 March 2025	2,000

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AFPP LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

6.	Stocks
		2026	2025
		£	£

Finished goods and goods for resale	4,378	4,378
	4,378	4,378

Debtors

					2026	2025
					£	£


Trade debtors	14,112	24,099
Other debtors	-	56
Prepayments and accrued income	135,900	227,178
	150,012	251,333

8.	Cash and cash equivalents
		2026	2025
		£	£

Cash at bank and in hand	194,943	213,537
	194,943	213,537

9.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Trade creditors	4,057	4,646
Amounts owed to group undertakings	40,430	156,689
Other taxation and social security	53	-
Accruals and deferred income	228,215	279,167
	272,755	440,502

Page 8

AFPP LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

1,000 (2025 - 1,000) Ordinary shares of £1.00 each	1,000	1,000

11.

Related party transactions

During the year, the company paid a management charge of £127,093 (2025 - £123,806) to The Association for Perioperative Practice, of which AfPP Ltd. is a wholly owned subsidiary. At the year end a balance of £40,430 (2025 - £156,689) was owed to The Association for Perioperative Practice.

The company is a wholly owned subsidiary of The Association for Perioperative Practice. During the year Trustees of The Association for Perioperative Practice were paid £36,715 (2025 - £23,355) for providing consultancy, audit and accreditation services on behalf of the company. Of these amounts, £2,950 (2025 - £Nil) was outstanding at the year end and included in trade creditors.

12.	Controlling party

The immediate parent and ultimate controlling party is The Association for Perioperative Practice, a charity registered and incorporated in England and Wales.

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