AFR Enterprises Limited Company Accounts

AFR ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC336733

AFR Enterprises Limited

Unaudited Financial Statements

31 March 2017

GREG HANNAH & CO

Accountants

26 Victoria Street

Rutherglen

Glasgow

G73 1DS

AFR Enterprises Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

AFR Enterprises Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	6	1,125,920	1,125,920
Tangible assets	7	5,718	1,924
		------------	------------
		1,131,638	1,127,844

Current assets

Stocks	8	64,821	57,976
Debtors	9	714,977	680,831
Cash at bank and in hand		232,748	136,082
		------------	---------
		1,012,546	874,889

Creditors: amounts falling due within one year	10	447,186		454,951
		------------		---------
Net current assets			565,360	419,938
			------------	------------
Total assets less current liabilities			1,696,998	1,547,782

Creditors: amounts falling due after more than one year	11	800,653	933,303
		------------	------------
Net assets		896,345	614,479
		------------	------------

Capital and reserves

Called up share capital	1,090	1,090
Profit and loss account	895,255	613,389
	---------	---------
Members funds	896,345	614,479
	---------	---------

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 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 2017 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 2017

These financial statements were approved by the board of directors and authorised for issue on 18 September 2017 , 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 2017

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 the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements or estimates were necessary in the preparation of these financial statements.

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.

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	-	10% 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:

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.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 10 (2016: 9).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	1,906	643
	-------	----

6. Intangible assets

	Goodwill
	£
Cost
At 1 Apr 2016 and 31 Mar 2017	1,608,457
	------------
Amortisation
At 1 Apr 2016 and 31 Mar 2017	482,537
	------------
Carrying amount
At 31 March 2017	1,125,920
	------------

7. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	5,740	–	3,321	9,061
Additions	–	5,700	–	5,700
	-------	-------	-------	--------
At 31 March 2017	5,740	5,700	3,321	14,761
	-------	-------	-------	--------
Depreciation
At 1 April 2016	5,165	–	1,972	7,137
Charge for the year	144	1,425	337	1,906
	-------	-------	-------	--------
At 31 March 2017	5,309	1,425	2,309	9,043
	-------	-------	-------	--------
Carrying amount
At 31 March 2017	431	4,275	1,012	5,718
	-------	-------	-------	--------
At 31 March 2016	575	–	1,349	1,924
	-------	-------	-------	--------

8. Stocks

	2017	2016
	£	£
Raw materials and consumables	64,821	57,976
	--------	--------

9. Debtors

	2017	2016
	£	£
Trade debtors	147,974	170,274
Other debtors	567,003	510,557
	---------	---------
	714,977	680,831
	---------	---------

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	100,000	100,000
Trade creditors	235,883	184,379
Corporation tax	81,051	90,783
Social security and other taxes	3,777	3,141
Other creditors	22,000	22,000
Other creditors	4,475	54,648
	---------	---------
	447,186	454,951
	---------	---------

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

	2017	2016
	£	£
Bank loans and overdrafts	737,697	848,347
Other creditors	62,956	84,956
	---------	---------
	800,653	933,303
	---------	---------

12. Directors' advances, credits and guarantees

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

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Fox	( 13,589)	17,000	3,411
Dr A Blair	162,300	12,700	175,000
Dr J Ballantyne	61,420	14,600	76,020
	---------	--------	---------
	210,131	44,300	254,431
	---------	--------	---------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Fox	( 14,359)	770	( 13,589)
Dr A Blair	73,000	89,300	162,300
Dr J Ballantyne	22,510	38,910	61,420
	--------	---------	---------
	81,151	128,980	210,131
	--------	---------	---------

13. Related party transactions

The company was under the control of Mr S Fox , Dr A Blair and Dr J Ballantyne throughout the current year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

14. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.