Afm Management Limited - Period Ending 2019-10-31

AFM MANAGEMENT LIMITED - Company Information

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Registration number: 09040237

Afm Management Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2019

Afm Management Limited

Contents

Company Information	1
Directors' Report	2
Statement of Directors' Responsibilities	3
Independent Auditor's Report	4 to 6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 to 17

Afm Management Limited

Company Information

Directors

Mr Stuart Guiver

Mr Tom Austin

Company secretary

Miss Jaya Nayyar

Registered office

1 Burkes Parade
Beaconsfield
HP9 1NN

Auditors

Chatha & Co
Chartered Certified Accountants
115-116 Spon End
Coventry
Warwickshire
CV1 3HF

Afm Management Limited

Directors' Report for the Year Ended 31 October 2019

The directors present their report and the financial statements for the year ended 31 October 2019.

Director of the company

The director who held office during the year was as follows:

Mr Stuart Guiver

The following director was appointed after the year end:

Mr Tom Austin (appointed 12 March 2020)

Principal activity

The principal activity of the company is that of financial advisors.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 26 July 2020 and signed on its behalf by:

.........................................
Mr Tom Austin
Director

Afm Management Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Afm Management Limited

Independent Auditor's Report to the Members of Afm Management Limited

Opinion

We have audited the financial statements of Afm Management Limited (the 'company') for the year ended 31 October 2019, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 October 2019 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

•	the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
•	the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Afm Management Limited

Independent Auditor's Report to the Members of Afm Management Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit; or
•	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Afm Management Limited

Independent Auditor's Report to the Members of Afm Management Limited

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

......................................
Sukhjit Singh Chatha (Senior Statutory Auditor)
For and on behalf of Chatha & Co, Statutory Auditor

115-116 Spon End
Coventry
Warwickshire
CV1 3HF

26 July 2020

Afm Management Limited

Profit and Loss Account for the Year Ended 31 October 2019

	Note	2019 £	2018 £
Turnover		249,181	157,973
Cost of sales		(88,500)	-
Gross profit		160,681	157,973
Administrative expenses		(160,386)	(155,728)
Operating profit		295	2,245
Other interest receivable and similar income		1	2
		1	2
Profit before tax	5	296	2,247
Taxation		(82)	(458)
Profit for the financial year		214	1,789

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Afm Management Limited

Statement of Comprehensive Income for the Year Ended 31 October 2019

	2019 £	2018 £
Profit for the year	214	1,789
Total comprehensive income for the year	214	1,789

Afm Management Limited

(Registration number: 09040237)
Balance Sheet as at 31 October 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	6	774	910
Current assets
Debtors	7	103,043	11,200
Cash at bank and in hand		1,878	1,386
		104,921	12,586
Creditors: Amounts falling due within one year	8	(96,494)	(4,509)
Net current assets		8,427	8,077
Net assets		9,201	8,987
Capital and reserves
Called up share capital	9	1,000	1,000
Profit and loss account		8,201	7,987
Total equity		9,201	8,987

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 26 July 2020 and signed on its behalf by:

.........................................

Mr Tom Austin
Director

Afm Management Limited

Statement of Changes in Equity for the Year Ended 31 October 2019

	Share capital £	Profit and loss account £	Total £
At 1 November 2018	1,000	7,987	8,987
Profit for the year	-	214	214
Total comprehensive income	-	214	214
At 31 October 2019	1,000	8,201	9,201

	Share capital £	Profit and loss account £	Total £
At 1 November 2017	1,000	6,198	7,198
Profit for the year	-	1,789	1,789
Total comprehensive income	-	1,789	1,789
At 31 October 2018	1,000	7,987	8,987

Afm Management Limited

Notes to the Financial Statements for the Year Ended 31 October 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Burkes Parade
Beaconsfield
HP9 1NN
England

These financial statements were authorised for issue by the Board on 26 July 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Afm Management Limited

Notes to the Financial Statements for the Year Ended 31 October 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Afm Management Limited

Notes to the Financial Statements for the Year Ended 31 October 2019

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

4	Auditors' remuneration

	2019 £	2018 £
Audit of the financial statements	3,650	-

5	Profit before tax

Arrived at after charging/(crediting)

	2019 £	2018 £
Depreciation expense	136	160

Afm Management Limited

Notes to the Financial Statements for the Year Ended 31 October 2019

6	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 November 2018	1,585	1,585
At 31 October 2019	1,585	1,585
Depreciation
At 1 November 2018	675	675
Charge for the year	136	136
At 31 October 2019	811	811
Carrying amount
At 31 October 2019	774	774
At 31 October 2018	910	910

Debtors

	Note	2019 £	2018 £
Trade debtors		91,200	11,200
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	10,500	-
Other debtors		1,343	-
		103,043	11,200

Creditors

Creditors: amounts falling due within one year

Afm Management Limited

Notes to the Financial Statements for the Year Ended 31 October 2019

	Note	2019 £	2018 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	88,500	-
Taxation and social security		3,398	3,644
Accruals and deferred income		3,650	-
Other creditors		946	865
		96,494	4,509

9	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

10	Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	-	33,375

Summary of transactions with parent

Brookfield Partners Int'l Plc is the holding company. There there inter company transactions all being interest free non instalment basis.

Summary of transactions with entities with joint control or significant interest

Facet Investment Management Ltd is a subsidiary company within the Group and there are inter trading transactions between the companies. All transactions are on interest free non instalment basis.

Income and receivables from related parties

Afm Management Limited

Notes to the Financial Statements for the Year Ended 31 October 2019

2019	Entities with joint control or significant influence £
Receipt of services	142,681

2018	Entities with joint control or significant influence £
Receipt of services	160,601

Expenditure with and payables to related parties

2019	Parent £
Rendering of services	88,500

2018

Loans to related parties

2019	Entities with joint control or significant influence £
At start of period	10,500
Advanced	10,500
At end of period	21,000

2018	Entities with joint control or significant influence £
Advanced	10,500

Loans from related parties

2019	Parent £
Advanced	88,500

Afm Management Limited

Notes to the Financial Statements for the Year Ended 31 October 2019

11	Parent and ultimate parent undertaking

Afm Management Ltd is a wholly owned subsidiary of Brookfield Partners Intl Plc.

The company's immediate parent is Brookfield Partners Intl Plc, incorporated in England and Wales.

The ultimate controlling party is J Nayyar.