Aflex Limited - Period Ending 2016-08-31

Registration number: 03328137 (England and Wales)

Aflex Limited

Directors' Report and Unaudited Financial Statements

for the Period from 1 June 2015 to 31 August 2016

 

Aflex Limited
Contents

Company Information   1

Directors' Report   2

Profit and Loss Account   3

Balance Sheet   4

Notes to the Financial Statements   5 to 8

Aflex Limited
Company Information

Directors

Socrates Patsalides   Elena Patsalides

Company secretary

Elena Patsalides

Registered office

178 Seven Sisters Road London N7 7PX

Accountants

Harmer Slater Limited Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Page 1

Aflex Limited
Directors' Report for the Period from 1 June 2015 to
31 August 2016

The directors present their report and the unaudited financial statements for the Period from 1 June 2015 to 31 August 2016.

Principal activity

The principal activity of the company is that of providing internet services.

Directors of the company

The directors who held office during the period were as follows:

Socrates Patsalides

Elena Patsalides

Small company provisions

The directors have taken advantage of the small companies’ exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the Directors' Report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved by the Board on 31 May 2017 and signed on its behalf by:

.........................................
Socrates Patsalides
Director

Page 2

Aflex Limited
Profit and Loss Account
for the Period from 1 June 2015 to 31 August 2016

		Note			1 Jun 15 to 31 Aug 16 £			Year ended 31 May 15 £
Turnover					589,391			709,442
Cost of sales					(227,785)			(254,590)
Gross profit					361,606			454,852
Administrative expenses					(305,186)			(273,061)
Operating profit					56,420			181,791
Other interest receivable and similar income					-			218
Profit on ordinary activities before taxation					56,420			182,009
Tax on profit on ordinary activities		3			(10,034)			(37,297)
Profit for the finanical period					46,386			144,712

The notes on pages 5 to 8 form an integral part of these financial statements.
Page 3

Aflex Limited
(Registration number: 03328137)
Balance Sheet at 31 August 2016

		Note			31 Aug 16 £			31 May 15 £
Fixed assets
Tangible fixed assets		4			33,551			26,536
Current assets
Debtors		5			128,295			203,656
Cash at bank and in hand					1,404,058			1,408,557
					1,532,353			1,612,213
Creditors: Amounts falling due within one year		6			(72,249)			(173,781)
Net current assets					1,460,104			1,438,432
Net assets					1,493,655			1,464,968
Capital and reserves
Called up share capital		7			1,000			1,000
Profit and loss account		9			1,492,655			1,463,968
Shareholders' funds					1,493,655			1,464,968

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the period ending 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts 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 accounts.

Approved and authorised for issue by the Board on 31 May 2017 and signed on its behalf by:

.........................................
Socrates Patsalides
Director

The notes on pages 5 to 8 form an integral part of these financial statements.
Page 4

Aflex Limited
Notes to the Financial Statements
for the Period from 1 June 2015 to 31 August 2016
(continued)

1	Accounting policies

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern has been identified by the directors.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and the Financial Reporting Standard for Smaller Entities (effective January 2015). A summary of the significant accounting policies which have been consistently applied in thecurrent and the preceding year is set out below. The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents the value of services supplied, net of value added tax.

Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% Reducing balancing basis

Taxation

Corporation tax payable is provided on taxable profits at the current rate of tax. Deferred tax is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets and liabilities are not discounted.

Pensions

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.

Page 5

Aflex Limited
Notes to the Financial Statements
for the Period from 1 June 2015 to 31 August 2016
(continued)

2	Directors' remuneration

The directors' remuneration for the period was as follows:

		1 Jun 15 to 31 Aug 16 £			Year ended 31 May 15 £
Remuneration (including money purchase pension scheme contributions)		142,500			130,000

3

Taxation

Tax on profit on ordinary activities

		1 Jun 15 to 31 Aug 16 £			Year ended 31 May 15 £
Current tax
Corporation tax charge		10,034			37,297

Factors affecting current tax charge for the period

Tax on profit on ordinary activities for the year is higher than (2015 - higher than) the standard rate of corporation tax in the UK of 20% (2015 - 20%).

The differences are reconciled below:

		1 Jun 15 to 31 Aug 16 £			Year ended 31 May 15 £
Profit on ordinary activities before taxation		56,420			182,009
Corporation tax at standard rate		11,284			36,402
Capital allowances in advance of depreciation		(1,403)			895
Expenses not deductible for tax purposes		153			-
Total current tax		10,034			37,297

Page 6

Aflex Limited
Notes to the Financial Statements
for the Period from 1 June 2015 to 31 August 2016
(continued)

4	Tangible fixed assets

		Plant and machinery £			Total £
Cost
At 1 June 2015 and 31 March 2016		87,411			87,411
Additions		12,300			12,300
At 31 August 2016		99,711			99,711
Depreciation
At 1 June 2015		60,875			60,875
Charge for the period		5,285			5,285
At 31 August 2016		66,160			66,160
Net book value
At 31 August 2016		33,551			33,551
At 31 May 2015		26,536			26,536

5

Debtors

		31 Aug 16 £			31 May 15 £
Trade debtors		113,504			203,656
Director's loan account		14,791			-
		128,295			203,656

6	Creditors: Amounts falling due within one year

		31 Aug 16 £			31 May 15 £
Trade creditors		46,733			88,376
Corporation tax		9,993			37,297
Other taxes and social security		7,813			26,071
Director's loan account		-			10,261
Other creditors		4,810			8,876
Accruals and deferred income		2,900			2,900
		72,249			173,781

Page 7

Aflex Limited
Notes to the Financial Statements
for the Period from 1 June 2015 to 31 August 2016
(continued)

7	Share capital

Allotted, called up and fully paid shares

	31 Aug 16		31 May 15
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

8

Dividends

		31 Aug 16 £			31 May 15 £
Dividends paid
Dividends paid		17,700			30,000

9

Reserves

		Profit and loss account £
At 1 June 2015		1,463,969
Profit for the period		46,386
Dividends		(17,700)
At 31 August 2016		1,492,655

10	Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £80,000 (2015 - £80,000).

Contributions totalling £nil (2015 - £nil) were payable to the scheme at the end of the period and are included in creditors.

11

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 8