A.F.M. Europe Ltd. 31/01/2020 iXBRL

A.F.M. Europe Ltd. 31/01/2020 iXBRL

A.F.M. EUROPE LIMITED - Company Information

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Company registration number: 01389776
A.F.M. Europe Ltd.
Unaudited filleted financial statements
31 January 2020
A.F.M. Europe Ltd.
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
A.F.M. Europe Ltd.
Directors and other information
Directors Neil Storey
Susan Storey
Secretary Susan Storey
Company number 01389776
Registered office 246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Business address Baker Road
Nelson Park West
Cramlington
Northumberland
NE23 1WL
Accountants Harrison Hutchinson Limited
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Bankers Lloyds Bank plc
A.F.M. Europe Ltd.
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of A.F.M. Europe Ltd.
Year ended 31st January 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A.F.M. Europe Ltd. for the year ended 31st January 2020 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of A.F.M. Europe Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A.F.M. Europe Ltd. and state those matters that we have agreed to state to the board of directors of A.F.M. Europe Ltd. as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.F.M. Europe Ltd. and its board of directors as a body for our work or for this report.
It is your duty to ensure that A.F.M. Europe Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A.F.M. Europe Ltd.. You consider that A.F.M. Europe Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A.F.M. Europe Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Harrison Hutchinson Limited
Chartered Accountants
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
A.F.M. Europe Ltd.
Statement of financial position
31st January 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 59,885 70,192
_______ _______
59,885 70,192
Current assets
Stocks 536,695 732,000
Debtors 6 391,938 352,669
Cash at bank and in hand 1,071 34,189
_______ _________
929,704 1,118,858
Creditors: amounts falling due
within one year 7 ( 644,589) ( 861,833)
_______ _______
Net current assets 285,115 257,025
_______ _______
Total assets less current liabilities 345,000 327,217
Creditors: amounts falling due
after more than one year 8 ( 259,942) ( 245,042)
_______ _______
Net assets 85,058 82,175
_______ _______
Capital and reserves
Called up share capital 1,065 1,065
Profit and loss account 83,993 81,110
_______ _______
Shareholders funds 85,058 82,175
_______ _______
For the year ending 31 January 2020 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 21 January 2021 , and are signed on behalf of the board by:
Neil Storey
Director
Company registration number: 01389776
A.F.M. Europe Ltd.
Statement of changes in equity
Year ended 31st January 2020
Called up share capital Profit and loss account Total
£ £ £
At 1st February 2018 1,065 79,058 80,123
Profit for the year 96,939 96,939
_______ _______ _______
Total comprehensive income for the year - 96,939 96,939
Dividends paid and payable ( 94,887) ( 94,887)
_______ _______ _______
Total investments by and distributions to owners - ( 94,887) ( 94,887)
_______ _______ _______
At 31st January 2019 and 1st February 2019 1,065 81,110 82,175
Profit for the year 108,063 108,063
_______ _______ _______
Total comprehensive income for the year - 108,063 108,063
Dividends paid and payable ( 105,180) ( 105,180)
_______ _______ _______
Total investments by and distributions to owners - ( 105,180) ( 105,180)
_______ _______ _______
At 31st January 2020 1,065 83,993 85,058
_______ _______ _______
A.F.M. Europe Ltd.
Notes to the financial statements
Year ended 31st January 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 246 Park View, Whitley Bay, Tyne and Wear, NE26 3QX.
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 Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 12.5 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 7 (2019: 6 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1st February 2019 119,295 230,781 350,076
Additions 1,150 16,982 18,132
_______ _______ _______
At 31st January 2020 120,445 247,763 368,208
_______ _______ _______
Depreciation
At 1st February 2019 110,425 169,459 279,884
Charge for the year 2,946 25,493 28,439
_______ _______ _______
At 31st January 2020 113,371 194,952 308,323
_______ _______ _______
Carrying amount
At 31st January 2020 7,074 52,811 59,885
_______ _______ _______
At 31st January 2019 8,870 61,322 70,192
_______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 113,471 119,613
Other debtors 278,467 233,056
_______ _______
391,938 352,669
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 220,573 229,027
Trade creditors 256,366 486,985
Corporation tax 54,087 50,541
Social security and other taxes 54,844 30,726
Other creditors 58,719 64,554
_______ _______
644,589 861,833
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 223,243 207,024
Other creditors 36,699 38,018
_______ _______
259,942 245,042
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Neil and Susan Storey 9,988 ( 55,097) 45,073 ( 36)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Neil and Susan Storey 9,991 ( 56,640) 56,637 9,988
_______ _______ _______ _______