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 2014

Aviaccs Limited

29 Moor Close Lane

Queensbury

Bradford

West Yorkshire

BD13 2NS

AFP Digital Limited

Company No. 06772960

Abbreviated Balance Sheet 31 March 2014

Abbreviated Balance Sheet

		2014		2013
	Notes	£	£	£	£
FIXED ASSETS
Intangible assets	2		7,500		9,000
Tangible assets	3		54,898		3,801

			62,398		12,801
CURRENT ASSETS
Stocks		122,500		32,500
Debtors		275,190		172,174
Cash at bank and in hand		238		10,480

		397,928		215,154
Creditors: Amounts Falling Due Within One Year		(348,742)		(191,956)

NET CURRENT ASSETS (LIABILITIES)			49,186		23,198

TOTAL ASSETS LESS CURRENT LIABILITIES			111,584		35,999

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

PROVISIONS FOR LIABILITIES
Deferred Taxation			(507)		(760)

NET ASSETS			38,100		35,239

CAPITAL AND RESERVES
Called up share capital	5		120		120
Profit and Loss account			37,980		35,119

SHAREHOLDERS' FUNDS			38,100		35,239

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AFP Digital Limited

Company No. 06772960

Abbreviated Balance Sheet (continued) 31 March 2014

For the year ending 31 March 2014 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

19/12/2014

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AFP Digital Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 March 2014

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% reducing balance
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 2014

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 2013	15,000

As at 31 March 2014	15,000

Amortisation
As at 1 April 2013	6,000
Provided during the period	1,500

As at 31 March 2014	7,500

Net Book Value
As at 31 March 2014	7,500

As at 1 April 2013	9,000

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AFP Digital Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2014

Tangible Assets


	Total
Cost	£
As at 1 April 2013	6,754
Additions	78,160
Disposals	(24,490)

As at 31 March 2014	60,424

Depreciation
As at 1 April 2013	2,953
Provided during the period	8,184
Disposals	(5,611)

As at 31 March 2014	5,526

Net Book Value
As at 31 March 2014	54,898

As at 1 April 2013	3,801

Creditors: Amounts Falling After More Than One Year

	2014	2013
	£	£
Net obligations under finance lease and hire purchase contracts	36,310	-
Bank loans	36,667	-

	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.

Page 5

AFP Digital Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2014

Share Capital

	Value	Number	2014	2013
Allotted, called up and fully paid:	£		£	£
Ordinary shares	1.000	0	-	120

Ordinary A shares	1.000	84	84	-

Ordinary B shares	1.000	36	36	-




		120	120	120

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