AFP DIGITAL LIMITED - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06772960 (England and Wales)

AFP DIGITAL LIMITED

Unaudited Financial Statements

for the Year Ended 30 June 2022

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

76,333

118,078

Tangible assets

5

229,409

202,284

305,742

320,362

CURRENT ASSETS

Stocks

650,000

660,786

Debtors

6

1,011,460

992,189

Cash at bank

10

1

1,661,470

1,652,976

CREDITORS

Amounts falling due within one year

7

1,256,179

1,003,119

NET CURRENT ASSETS

405,291

649,857

TOTAL ASSETS LESS CURRENT LIABILITIES

711,033

970,219

CREDITORS

Amounts falling due after more than one year

8

472,339

787,033

NET ASSETS

238,694

183,186

CAPITAL AND RESERVES

Called up share capital

140

140

Retained earnings

238,554

183,046

SHAREHOLDERS' FUNDS

238,694

183,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 and authorised for issue on 7 November 2022 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.

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, fittings & equipment

-

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 year 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 year 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 year was 18 (2021 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Research

& development

Goodwill

costs

Totals

£

£

£

COST

At 1 July 2021

and 30 June 2022

15,000

208,731

223,731

AMORTISATION

At 1 July 2021

15,000

90,653

105,653

Amortisation for year

-

41,745

41,745

At 30 June 2022

15,000

132,398

147,398

NET BOOK VALUE

At 30 June 2022

-

76,333

76,333

At 30 June 2021

-

118,078

118,078

5.	TANGIBLE FIXED ASSETS

Fixtures,

Plant and

fittings

Motor

machinery

& equipment

vehicles

Totals

£

£

£

£

COST

At 1 July 2021

87,821

33,140

272,729

393,690

Additions

-

-

173,482

173,482

Disposals

-

-

(131,623

)

(131,623

)

At 30 June 2022

87,821

33,140

314,588

435,549

DEPRECIATION

At 1 July 2021

47,159

20,980

123,267

191,406

Charge for year

20,331

3,039

65,803

89,173

Eliminated on disposal

-

-

(74,439

)

(74,439

)

At 30 June 2022

67,490

24,019

114,631

206,140

NET BOOK VALUE

At 30 June 2022

20,331

9,121

199,957

229,409

At 30 June 2021

40,662

12,160

149,462

202,284

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

Motor

vehicles

£

COST

At 1 July 2021

272,729

Additions

173,482

Disposals

(131,623

)

At 30 June 2022

314,588

DEPRECIATION

At 1 July 2021

99,943

Eliminated on disposal

(74,439

)

At 30 June 2022

25,504

NET BOOK VALUE

At 30 June 2022

289,084

At 30 June 2021

172,786

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

580,531

586,879

Other debtors

430,929

405,310

1,011,460

992,189

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

339,506

348,619

Hire purchase contracts

51,775

49,997

Trade creditors

214,948

211,628

Taxation

181,053

181,546

Other creditors

468,897

211,329

1,256,179

1,003,119

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans

297,025

633,475

Hire purchase contracts

175,314

153,558

472,339

787,033

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

55,296

331,509

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.