AFR Enterprises Limited Filleted accounts for Companies House (small and micro)

AFR ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC336733

AFR Enterprises Limited

Filleted Unaudited Financial Statements

31 March 2020

AFR Enterprises Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	884,651	965,074
Tangible assets	6	217,102	225,178
		------------	------------
		1,101,753	1,190,252

Current assets

Stocks		80,591	72,562
Debtors	7	1,134,138	982,774
Cash at bank and in hand		180,426	242,631
		------------	------------
		1,395,155	1,297,967

Creditors: amounts falling due within one year	8	525,118		476,577
		------------		------------
Net current assets			870,037	821,390
			------------	------------
Total assets less current liabilities			1,971,790	2,011,642

Creditors: amounts falling due after more than one year	9	527,262	669,846
		------------	------------
Net assets		1,444,528	1,341,796
		------------	------------

Capital and reserves

Called up share capital	1,090	1,090
Profit and loss account	1,443,438	1,340,706
	------------	------------
Shareholders funds	1,444,528	1,341,796
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2020 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 .

AFR Enterprises Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 19 September 2020 , and are signed on behalf of the board by:

Mr S Fox
Director

Company registration number: SC336733

AFR Enterprises Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in Scottish. The address of the registered office is 15-17, Main Road, Condorrat, Cumbernauld, G67 4BT.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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:

	Goodwill	-	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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Land & Buildings	-	2% straight line
Fixture and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

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.

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 11 (2019: 11 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2019 and 31 March 2020	1,608,457
	------------
Amortisation
At 1 April 2019	643,383
Charge for the year	80,423
	------------
At 31 March 2020	723,806
	------------
Carrying amount
At 31 March 2020	884,651
	------------
At 31 March 2019	965,074
	------------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2019	217,077	18,036	11,128	9,566	255,807
Additions	–	–	–	767	767
	---------	--------	--------	--------	---------
At 31 March 2020	217,077	18,036	11,128	10,333	256,574
	---------	--------	--------	--------	---------
Depreciation
At 1 April 2019	8,597	10,877	5,671	5,484	30,629
Charge for the year	4,255	1,789	1,587	1,212	8,843
	---------	--------	--------	--------	---------
At 31 March 2020	12,852	12,666	7,258	6,696	39,472
	---------	--------	--------	--------	---------
Carrying amount
At 31 March 2020	204,225	5,370	3,870	3,637	217,102
	---------	--------	--------	--------	---------
At 31 March 2019	208,480	7,159	5,457	4,082	225,178
	---------	--------	--------	--------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	207,111	161,928
Other debtors	927,027	820,846
	------------	---------
	1,134,138	982,774
	------------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	107,218	107,218
Trade creditors	285,485	238,171
Corporation tax	64,247	91,034
Social security and other taxes	42,092	13,311
A Tonner	18,956	22,000
Other creditors	7,120	4,843
	---------	---------
	525,118	476,577
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	527,262	650,890
Other creditors	–	18,956
	---------	---------
	527,262	669,846
	---------	---------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Fox	44,411	17,000	61,411
Dr A Blair	236,000	18,500	254,500
Dr J Ballantyne	125,220	17,550	142,770
	---------	--------	---------
	405,631	53,050	458,681
	---------	--------	---------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Fox	34,827	9,584	44,411
Dr A Blair	208,000	28,000	236,000
Dr J Ballantyne	99,620	25,600	125,220
	---------	--------	---------
	342,447	63,184	405,631
	---------	--------	---------