Aft Global UK Ltd - Accounts

Aft Global UK Ltd - Accounts

AFT GLOBAL UK LTD - Company Information

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Logo On Report
Registered Number: 07203111
England and Wales

 

 

 

AFT GLOBAL UK LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023

Aft Global UK Ltd
Contents Page
For the year ended 31 March 2023
Directors Nesrin Alkhatib
Mohamad Chbib
Registered Number 07203111
Registered Office 3rd Floor
346 Kensington Hogh Street
United kingdom
W14 8NS
Accountants IBISS & CO LIMITED
188 Mitcham Road
London
SW17 9NJ
1
Report to the directors on the preparation of the unaudited statutory accounts of Aft Global UK Ltd for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Aft Global UK Ltd for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Aft Global UK Ltd, as a body, in accordance with the terms of our engagement letter dated 30 December 2023 Our work has been undertaken solely to prepare for your approval the accounts of Aft Global UK Ltd and state those matters that we have agreed to state to the Board of Directors of Aft Global UK Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aft Global UK Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Aft Global UK Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Aft Global UK Ltd. You consider that Aft Global UK 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 accounts of Aft Global UK 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 accounts
31 March 2023


IBISS & CO LIMITED
188 Mitcham Road
London
SW17 9NJ
30 December 2023
2
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Intangible fixed assets 3 112,500    0 
Tangible fixed assets 4 12,500    0 
125,000    0 
Current assets      
Debtors 5 639,457    0 
Cash at bank and in hand 13,157    63 
652,614    63 
Creditors: amount falling due within one year 6 (773,253)   (3,641)
Net current liabilities (120,639)   (3,578)
 
Total assets less current liabilities 4,361    (3,578)
Net assets 4,361    (3,578)
 

Capital and reserves 		     
Called up share capital 7 1    1 
Profit and loss account 4,360    (3,579)
Shareholder's funds 4,361    (3,578)
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 30 December 2023 and were signed on its behalf by:


-------------------------------
Nesrin Alkhatib
Director
3
General Information
Aft Global UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 07203111, registration address 3rd Floor, 346 Kensington Hogh Street, United kingdom, W14 8NS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Change in accounting policy
The company has applied FRS105 up until last financial year ended 31 March 2023. Since the acquisition of assets from Brompton Cross Construction on 3rd Novemebr 2023, the company has adopted FRS 102 (1A) as accounting policy.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight-line basis over the estimated expected useful economic life of the goodwill of years.
No amortisation has been calculated in current financial year. 
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 5 Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
2.

Average number of employees

Average number of employees during the year was 24 (2022 : 0).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2022 -    - 
Additions 112,500    112,500 
Disposals -    - 
At 31 March 2023 112,500    112,500 
Amortisation
At 01 April 2022 -    - 
Charge for year -    - 
On disposals -    - 
At 31 March 2023 -    - 
Net book values
At 31 March 2023 112,500    112,500 
At 31 March 2022 -    - 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 April 2022 -    - 
Additions 12,500    12,500 
Disposals -    - 
At 31 March 2023 12,500    12,500 
Depreciation
At 01 April 2022 -    - 
Charge for year -    - 
On disposals -    - 
At 31 March 2023 -    - 
Net book values
Closing balance as at 31 March 2023 12,500    12,500 
Opening balance as at 01 April 2022 -    - 


5.

Debtors: amounts falling due within one year

2023
£		   2022
£
Trade Debtors 16,000    0 
Prepayments & Accrued Income 610,422    0 
Other Debtors 13,035    0 
639,457    0 

6.

Creditors: amount falling due within one year

2023
£		   2022
£
Trade Creditors 356,316    0 
PAYE & Social Security 93,695    0 
Accrued Expenses 900    900 
Other Creditors 154,514    0 
Wages & Salaries Control Account 48,719    0 
Directors' Current Accounts 67,338    2,741 
VAT 51,771    0 
773,253    3,641 

7.

Share Capital

Allotted, called up and fully paid
2023
£		   2022
£
1 Class A share of £1.00 each 1    1 
1    1 

4