AFW Developments Limited - Period Ending 2023-03-31
AFW Developments Limited - Period Ending 2023-03-31
Registration number:
AFW Developments Limited
for the Year Ended 31 March 2023
AFW Developments Limited
(Registration number: NI066968)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Current assets |
|||
Stocks |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Retained earnings |
(85,261) |
(79,239) |
|
Shareholders' deficit |
(85,259) |
(79,237) |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
AFW Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.
Stocks
Properties for development are valued at the lower of cost and net realisable value. Net realisable value is calculated on anticipated selling price less additional costs to completion.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
AFW Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2023 |
2022 |
|
Work in progress |
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Bank loans and overdrafts |
31,123 |
35,601 |
Other creditors |
271,636 |
261,136 |
302,759 |
296,737 |
Bank borrowings are secured by a fixed charge over the Company's development properties
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |