AFP DIGITAL LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06772960 (England and Wales)

AFP DIGITAL LIMITED

Unaudited Financial Statements

for the Period 1 April 2018 to 30 June 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C Bennell

R A Pharo

REGISTERED OFFICE:

2 College Court

College Road

Gildersome

Morley

West Yorkshire

LS27 7WF

REGISTERED NUMBER:

06772960 (England and Wales)

ACCOUNTANTS:

Maclean & Company

1 Park View Court

St Paul's Road

Shipley

West Yorkshire

BD18 3DZ

FIXED ASSETS

Intangible assets

4

75,031

42,469

Tangible assets

5

260,948

142,770

335,979

185,239

CURRENT ASSETS

Stocks

521,093

430,021

Debtors

6

765,354

651,358

Cash at bank

1

1,076

1,286,448

1,082,455

CREDITORS

Amounts falling due within one year

7

859,118

744,402

NET CURRENT ASSETS

427,330

338,053

TOTAL ASSETS LESS CURRENT LIABILITIES

763,309

523,292

CREDITORS

Amounts falling due after more than one year

8

573,975

351,402

NET ASSETS

189,334

171,890

CAPITAL AND RESERVES

Called up share capital

140

140

Retained earnings

189,194

171,750

SHAREHOLDERS' FUNDS

189,334

171,890

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 January 2020 and were signed on its behalf by:

R A Pharo - Director

A C Bennell - Director

1.	STATUTORY INFORMATION

AFP DIGITAL LIMITED is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

The company capitalises expenditure on specific methodology, software tools and practices which it will actively

market in future years. Such expenditure is amortised over the succeeding five years in equal annual instalments.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 23 (2018 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Research

& development

Goodwill

costs

Totals

£

£

£

COST

At 1 April 2018

15,000

51,211

66,211

Additions

-

52,072

52,072

At 30 June 2019

15,000

103,283

118,283

AMORTISATION

At 1 April 2018

13,500

10,242

23,742

Amortisation for period

1,500

18,010

19,510

At 30 June 2019

15,000

28,252

43,252

NET BOOK VALUE

At 30 June 2019

-

75,031

75,031

At 31 March 2018

1,500

40,969

42,469

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2018

47,499

32,063

108,700

188,262

Additions

40,322

-

157,860

198,182

Disposals

-

-

(45,400

)

(45,400

)

At 30 June 2019

87,821

32,063

221,160

341,044

DEPRECIATION

At 1 April 2018

9,892

7,896

27,704

45,492

Charge for period

5,641

3,625

34,901

44,167

Eliminated on disposal

-

-

(9,563

)

(9,563

)

At 30 June 2019

15,533

11,521

53,042

80,096

NET BOOK VALUE

At 30 June 2019

72,288

20,542

168,118

260,948

At 31 March 2018

37,607

24,167

80,996

142,770

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2018

108,700

Additions

157,860

Disposals

(45,400

)

At 30 June 2019

221,160

DEPRECIATION

At 1 April 2018

27,704

Charge for period

34,901

Eliminated on disposal

(9,563

)

At 30 June 2019

53,042

NET BOOK VALUE

At 30 June 2019

168,118

At 31 March 2018

80,996

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

31.3.18

£

£

Trade debtors

408,203

478,027

Other debtors

357,151

173,331

765,354

651,358

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

31.3.18

£

£

Bank loans and overdrafts

324,736

174,149

Hire purchase contracts

53,604

22,821

Trade creditors

171,802

201,701

Taxation

87,763

131,566

Other creditors

221,213

214,165

859,118

744,402

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.19

31.3.18

£

£

Bank loans

421,899

287,405

Hire purchase contracts

152,076

63,997

573,975

351,402

9.	SECURED DEBTS

Bank and associated borrowings are secured by a fixed and floating charge over all the assets.

Hire purchase contracts are secured against the specific fixed assets to which they relate.