AFP Digital Limited

AFP DIGITAL LIMITED - Company Information

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Registered number: 06772960

AFP Digital Limited

Abbreviated accounts

For The Year Ended 31 March 2015

Aviaccs Limited

29 Moor Close Lane

Queensbury

Bradford

West Yorkshire

BD13 2NS

AFP Digital Limited

Company No. 06772960

Abbreviated Balance Sheet 31 March 2015

Abbreviated Balance Sheet

		2015		2014
	Notes	£	£	£	£
FIXED ASSETS
Intangible assets	2		6,000		7,500
Tangible assets	3		50,346		54,898

			56,346		62,398
CURRENT ASSETS
Stocks		113,000		122,500
Debtors		298,902		275,190
Cash at bank and in hand		233		238

		412,135		397,928
Creditors: Amounts Falling Due Within One Year		(329,927)		(348,742)

NET CURRENT ASSETS (LIABILITIES)			82,208		49,186

TOTAL ASSETS LESS CURRENT LIABILITIES			138,554		111,584

Creditors: Amounts Falling After More Than One Year	4		(97,117)		(72,977)

PROVISIONS FOR LIABILITIES
Deferred Taxation			(2,677)		(507)

NET ASSETS			38,760		38,100

CAPITAL AND RESERVES
Called up share capital	5		120		120
Profit and Loss account			38,640		37,980

SHAREHOLDERS' FUNDS			38,760		38,100

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AFP Digital Limited

Company No. 06772960

Abbreviated Balance Sheet (continued) 31 March 2015

For the year ending 31 March 2015 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

On behalf of the board

Mr Ryan Pharo

13/11/2015

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AFP Digital Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 March 2015

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% straight line
Office Equipment	25% reducing balance

Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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AFP Digital Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2015

Deferred Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

Intangible Assets


	Total
Cost	£
As at 1 April 2014	15,000

As at 31 March 2015	15,000

Amortisation
As at 1 April 2014	7,500
Provided during the period	1,500

As at 31 March 2015	9,000

Net Book Value
As at 31 March 2015	6,000

As at 1 April 2014	7,500

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AFP Digital Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2015

Tangible Assets


	Total
Cost	£
As at 1 April 2014	60,424
Additions	40,788
Disposals	(38,490)

As at 31 March 2015	62,722

Depreciation
As at 1 April 2014	5,526
Provided during the period	12,622
Disposals	(5,772)

As at 31 March 2015	12,376

Net Book Value
As at 31 March 2015	50,346

As at 1 April 2014	54,898

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2015	2014
	£	£
Motor Vehicles	29,208	43,026

Creditors: Amounts Falling After More Than One Year

	2015	2014
	£	£
Net obligations under finance lease and hire purchase contracts	19,972	36,310
Bank loans	77,145	36,667

	97,117	72,977

The hire purchase creditors are secured on the assets to which the agreement relates.

The bank loan is secured on the assets of the company.

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AFP Digital Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2015

Share Capital

	Value	Number	2015	2014
Allotted, called up and fully paid:	£		£	£
Ordinary A shares	1.000	84	84	84

Ordinary B shares	1.000	36	36	36




		120	120	120

Transactions With and Loans to Directors

Included within Debtors are the following loans to directors:

	As at 1 April 2014	Amounts advanced	Amounts repaid	As at 31 March 2015
	£	£	£	£
Mr Ryan Pharo	63,483	112,957	(108,935)	67,505
Mr Andrew Bennell	49,464	89,918	(72,516)	66,866

The above loans are unsecured and repayable on demand. Interest is charged at 4.75%.

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