AFR Enterprises Limited Filleted accounts for Companies House (small and micro)

AFR ENTERPRISES LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2018 - FRS 1,608,457 482,537 80,423 562,960 1,045,497 1,125,920 xbrli:pure xbrli:shares iso4217:GBP SC336733 2017-04-01 2018-03-31 SC336733 2018-03-31 SC336733 2017-03-31 SC336733 2016-04-01 2017-03-31 SC336733 2017-03-31 SC336733 2016-03-31 SC336733 core:NetGoodwill 2017-04-01 2018-03-31 SC336733 core:LandBuildings 2017-04-01 2018-03-31 SC336733 core:FurnitureFittings 2017-04-01 2018-03-31 SC336733 core:MotorVehicles 2017-04-01 2018-03-31 SC336733 bus:Director1 2017-04-01 2018-03-31 SC336733 bus:Director2 2017-04-01 2018-03-31 SC336733 bus:Director3 2017-04-01 2018-03-31 SC336733 core:NetGoodwill 2017-03-31 SC336733 core:NetGoodwill 2018-03-31 SC336733 core:FurnitureFittings 2017-03-31 SC336733 core:MotorVehicles 2017-03-31 SC336733 core:LandBuildings 2018-03-31 SC336733 core:FurnitureFittings 2018-03-31 SC336733 core:MotorVehicles 2018-03-31 SC336733 core:WithinOneYear 2018-03-31 SC336733 core:WithinOneYear 2017-03-31 SC336733 core:AfterOneYear 2018-03-31 SC336733 core:AfterOneYear 2017-03-31 SC336733 core:ShareCapital 2018-03-31 SC336733 core:ShareCapital 2017-03-31 SC336733 core:RetainedEarningsAccumulatedLosses 2018-03-31 SC336733 core:RetainedEarningsAccumulatedLosses 2017-03-31 SC336733 core:NetGoodwill 2017-03-31 SC336733 core:FurnitureFittings 2017-03-31 SC336733 core:MotorVehicles 2017-03-31 SC336733 bus:Director1 2017-03-31 SC336733 bus:Director1 2018-03-31 SC336733 bus:Director2 2017-03-31 SC336733 bus:Director2 2018-03-31 SC336733 bus:Director3 2017-03-31 SC336733 bus:Director3 2018-03-31 SC336733 bus:Director1 2016-03-31 SC336733 bus:Director1 2017-03-31 SC336733 bus:Director2 2016-03-31 SC336733 bus:Director2 2017-03-31 SC336733 bus:Director3 2016-03-31 SC336733 bus:Director3 2017-03-31 SC336733 bus:Director1 2016-04-01 2017-03-31 SC336733 bus:Director2 2016-04-01 2017-03-31 SC336733 bus:Director3 2016-04-01 2017-03-31 SC336733 bus:SmallEntities 2017-04-01 2018-03-31 SC336733 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 SC336733 bus:FullAccounts 2017-04-01 2018-03-31 SC336733 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 SC336733 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 SC336733 core:OfficeEquipment 2017-04-01 2018-03-31 SC336733 core:OfficeEquipment 2017-03-31 SC336733 core:OfficeEquipment 2018-03-31

COMPANY REGISTRATION NUMBER: SC336733

AFR Enterprises Limited

Filleted Unaudited Financial Statements

31 March 2018

AFR Enterprises Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	1,045,497	1,125,920
Tangible assets	6	235,000	5,718
		------------	------------
		1,280,497	1,131,638

Current assets

Stocks		71,722	64,821
Debtors	7	860,772	714,977
Cash at bank and in hand		182,493	232,748
		------------	------------
		1,114,987	1,012,546

Creditors: amounts falling due within one year	8	443,391		447,186
		------------		------------
Net current assets			671,596	565,360
			------------	------------
Total assets less current liabilities			1,952,093	1,696,998

Creditors: amounts falling due after more than one year	9	812,823	800,653
		------------	------------
Net assets		1,139,270	896,345
		------------	------------

Capital and reserves

Called up share capital	1,090	1,090
Profit and loss account	1,138,180	895,255
	------------	---------
Shareholders funds	1,139,270	896,345
	------------	---------

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 comprehensive income has not been delivered.

For the year ending 31 March 2018 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 2018

These financial statements were approved by the board of directors and authorised for issue on 24 September 2018 , 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 2018

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 Section 1A of FRS 102, '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.

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	-	5% 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:

Land & Buildings	-	2% straight line
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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 10 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	1,608,457
	------------
Amortisation
At 1 April 2017	482,537
Charge for the year	80,423
	------------
At 31 March 2018	562,960
	------------
Carrying amount
At 31 March 2018	1,045,497
	------------
At 31 March 2017	1,125,920
	------------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2017	–	5,740	5,700	3,321	14,761
Additions	217,077	12,296	5,428	6,245	241,046
	---------	--------	--------	-------	---------
At 31 March 2018	217,077	18,036	11,128	9,566	255,807
	---------	--------	--------	-------	---------
Depreciation
At 1 April 2017	–	5,309	1,425	2,309	9,043
Charge for the year	4,342	3,182	2,426	1,814	11,764
	---------	--------	--------	-------	---------
At 31 March 2018	4,342	8,491	3,851	4,123	20,807
	---------	--------	--------	-------	---------
Carrying amount
At 31 March 2018	212,735	9,545	7,277	5,443	235,000
	---------	--------	--------	-------	---------
At 31 March 2017	–	431	4,275	1,012	5,718
	---------	--------	--------	-------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	152,049	147,974
Other debtors	708,723	567,003
	---------	---------
	860,772	714,977
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	107,218	100,000
Trade creditors	202,808	235,883
Corporation tax	103,120	81,051
Social security and other taxes	5,072	3,777
A Tonner	22,000	22,000
Other creditors	3,173	4,475
	---------	---------
	443,391	447,186
	---------	---------

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

	2018	2017
	£	£
Bank loans and overdrafts	771,867	737,697
Other creditors	40,956	62,956
	---------	---------
	812,823	800,653
	---------	---------

10. Directors' advances, credits and guarantees

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

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Fox	3,411	31,416	34,827
Dr A Blair	175,000	33,000	208,000
Dr J Ballantyne	76,020	23,600	99,620
	---------	--------	---------
	254,431	88,016	342,447
	---------	--------	---------

	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
	---------	--------	---------

11. 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.