AVG Imperial Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09347372 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

AVG Imperial Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D J Hughes

Mr T R Spring

Mr J Williams

REGISTERED OFFICE:

Hughes House

Cargo Fleet Road

Middlesbrough

Cleveland

TS3 6AG

REGISTERED NUMBER:

09347372 (England and Wales)

ACCOUNTANTS:

JBC Accountants Limited

Chartered Accountants

3B Lockheed Court

Preston Farm

Stockton on Tees

TS18 3SH

FIXED ASSETS

Tangible assets

4

23,415,414

23,896,799

Investments

5

100,000

300,000

23,515,414

24,196,799

CURRENT ASSETS

Debtors

6

1,429,505

487,208

Cash at bank

186,697

4,682,518

1,616,202

5,169,726

CREDITORS

Amounts falling due within one year

7

2,078,909

2,409,298

NET CURRENT (LIABILITIES)/ASSETS

(462,707

)

2,760,428

TOTAL ASSETS LESS CURRENT LIABILITIES

23,052,707

26,957,227

CREDITORS

Amounts falling due after more than one year

8

28,426,502

29,798,322

NET LIABILITIES

(5,373,795

)

(2,841,095

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

749,900

749,900

Retained earnings

(6,124,695

)

(3,591,995

)

SHAREHOLDERS' FUNDS

(5,373,795

)

(2,841,095

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2020 and were signed on its behalf by:

Mr J Williams - Director

1.	STATUTORY INFORMATION

AVG Imperial Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the balance sheet date the Company is insolvent. After reviewing the company's forecasts and projections, the

directors' have a reasonable expectation that it has adequate resources to continue in operational existence for the

foreseeable future. The company has therefore adopted the going concern basis in preparing its financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

5% on reducing balance and 2% on cost

Plant and machinery etc

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.

Deferred taxation is provided on the liability method to take account of timing differences between the treatment

of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is

accounted for in respect of all material timing differences.

Current and deferred tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Borrowing costs

Borrowing costs that are directly attributable to the construction phase of the buildings within tangible fixed

assets have been capitalised and included as part of the cost of those assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

24,621,305

36,000

24,657,305

DEPRECIATION

At 1 January 2019

751,506

9,000

760,506

Charge for year

474,635

6,750

481,385

At 31 December 2019

1,226,141

15,750

1,241,891

NET BOOK VALUE

At 31 December 2019

23,395,164

20,250

23,415,414

At 31 December 2018

23,869,799

27,000

23,896,799

Included in cost of land and buildings is freehold land of £ 889,572 (2018 - £ 889,572 ) which is not depreciated.

Land & buildings shown above are secured by way of debenture against the borrowings held with SQN Asset

Finance Income Fund Limited, details of which can be seen in note 10.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

300,000

PROVISIONS

Impairments

200,000

At 31 December 2019

200,000

NET BOOK VALUE

At 31 December 2019

100,000

At 31 December 2018

300,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,201,423

209,326

Other debtors

228,082

277,882

1,429,505

487,208

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

11,619

Trade creditors

715,759

787,335

Amounts owed to group undertakings

-

182,225

Other creditors

1,363,150

1,428,119

2,078,909

2,409,298

.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

28,426,502

29,798,322

Amounts falling due in more than five years:

Repayable by instalments

Other loans - more than 5 year

22,096,502

20,437,539

The company entered into a sale and leaseback agreement with SQN Asset Finance Income Fund Limited (SQN)

dated 8 December 2015, in respect of a food waste anaerobic digestion project at Imperial Park,

Middlesbrough.This finance lease commenced on 1st June 2017.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Other loans

29,366,502

27,707,539

SQN Asset Finance Income Fund Limited hold a fixed charge over the land at Imperial Park, South Bank,

Middlesbrough and a floating charge over all property or undertakings of the company.