AGI Corporate Finance Limited - Accounts to registrar (filleted) - small 18.2

AGI CORPORATE FINANCE LIMITED - Company Information

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REGISTERED NUMBER: 03290460 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

AGI Corporate Finance Limited

Page

Company Information

Statement of Financial Position

Notes to the Financial Statements

DIRECTORS:

R L Hamburger

J M Foster

SECRETARY:

J M Foster

REGISTERED OFFICE:

Calcutt Court

Calcutt

Swindon

Wiltshire

SN66JR

REGISTERED NUMBER:

03290460 (England and Wales)

ACCOUNTANTS:

Optima Financial Solutions Group Limited

Chartered Accountants

Calcutt Court

Calcutt

Swindon

Wiltshire

SN6 6JR

SOLICITORS:

Dawsons and Co

2 New Square

Lincoln's Inn

London

WC2A 3RZ

FIXED ASSETS

Tangible assets

Investments

150,000

150,040

150,060

CURRENT ASSETS

Debtors

1,700,295

1,515,409

CREDITORS

Amounts falling due within one year

1,219,511

1,132,712

NET CURRENT ASSETS

480,784

382,697

TOTAL ASSETS LESS CURRENT
LIABILITIES

630,824

532,757

CREDITORS

Amounts falling due after more than one
year

250,000

NET ASSETS

380,824

282,757

CAPITAL AND RESERVES

Called up share capital

60,000

Retained earnings

320,824

222,757

SHAREHOLDERS' FUNDS

380,824

282,757

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2018 and were signed on its behalf
by:

R L Hamburger - Director

1.	STATUTORY INFORMATION

AGI Corporate Finance Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The financial statements have been prepared on the going concern basis. The directors consider this to be

appropriate as Mr R L Hamburger, the controlling party of the company and its related parties, has confirmed

that it is his intension to continue to provide sufficient financial support to the company and to its related parties

for the foreseeable future in order to allow the companies to meet their liabilities as they fall due.

Should such continuing financial support to the company or its related parties not be forthcoming, then the going

concern basis of preparation would not be appropriate, and adjustments would have to be made to the financial

statements to reduce the value of the assets to their recoverable amounts, to provide for any further liabilities

which may arise, and to reclassify fixed assets as current assets.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the

year, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off

the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following

bases:

Fixture & fittings - 25% straight line

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange

ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling at the date of the transaction.

Exchange gains and losses are recognised in Profit and Loss Account.

Investments

Investments held as fixed assets are shown at cost less provision for impairment

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - 3 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

COST

At 1 January 2017

and 31 December 2017

3,957

DEPRECIATION

At 1 January 2017

3,897

Charge for year

At 31 December 2017

3,917

NET BOOK VALUE

At 31 December 2017

At 31 December 2016

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

COST

At 1 January 2017

and 31 December 2017

150,000

NET BOOK VALUE

At 31 December 2017

150,000

At 31 December 2016

150,000

DEBTORS

31.12.17

31.12.16

Amounts falling due within one year:

Trade debtors

(7,776

)

5,184

VAT

(7,776

)

5,197

Amounts falling due after more than one year:

Other debtors

1,708,071

1,510,212

Aggregate amounts

1,700,295

1,515,409

Debtors due after more than one year include the following:

A term loan due from SCI AGI France of £536,330 (2016: £525,814) on which interest is charged at 2% per

annum.

A term loan due from SCI AGI France No 2 of £73,498 (2016: £72,057) on which interest is charged at 2% per

annum.

Four separate term loans due from H&M Partners Limited, totalling £509,905 (2016: £496,764) on which

interest is charged at 2% per annum.

Two separate loans due from Abercorn Group Inc. totalling £195,000 (2016: £195,000) on which interest is

charged at 2% per annum.

No security is held on any of the above loans.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

Bank loans and overdrafts (see note 9)

26,781

48,552

Trade creditors

35,530

36,762

Tax

865

476

Social security and other taxes

(9,437

)

(8,437

)

VAT

769

Other creditors

1,026,992

917,348

Accrued expenses

138,011

1,219,511

1,132,712

At 31 December 2017, the company's bank account was overdrawn by £26,781 (2016: £48,552). The overdraft

facility is held with Barclays bank and the limit available to the company is £50,000 which has been secured by a

personal limited guarantee given by Mr R L Hamburger, a director of the company.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.17

31.12.16

Other Loans

250,000

The loan of £250,000 is due to Abercorn Group inc. and interest is charged at 2% per annum. The loan is

repayable on 23 March 2017.

No security is held on this loan.

LOANS

An analysis of the maturity of loans is given below:

31.12.17

31.12.16

Amounts falling due within one year or on demand:

Bank overdrafts

26,781

48,552

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

60,000

Ordinary

£1

60,000

11.

RESERVES

Retained

earnings

At 1 January 2017

222,757

Profit for the year

98,067

At 31 December 2017

320,824

12.	RELATED PARTY TRANSACTIONS

At the year end, the company was owed £536,330 (2016: £525,814 ) by SCI AGI France, a company

incorporated in France. Included within this balance is £10,516 (2016: £10,310) which represents interest

charged during the year. This loan is included within other debtors.

At the year end, the company was owed £73,498 (2016: £72,057) by SCI AGI France No 2, a company

incorporated in France. Included within this balance is £1,441 (2016: £1,412) which represents interest charged

during the year. This loan is included within other debtors.

At the year end, the company was owed £659,904 (2016: £646,764) by H&M Partners Limited, a company

incorporated in England & Wales. Included within this balance is £9,871 (2016: £9,707) which represents

interest charged during the year. Amounts totalling £509,905 (2016: £496,764) are included within other debtors

with the balance of £150,000 (2016: £150,000) included in investments.

At the year end, the company was owed £195,000 (2016: £195,000) in respect of two loans due from Abercorn

group Inc., a company incorporated in USA. The interest that was charged during the year £3,900 (2016: £3,900)

has been offset against the amounts owed to Abercorn Group Inc.

At the year end the company owed £1,276,992 (2016: £1,167,348), £250,000 of which is due to be paid after

more than five years, to Abercorn Group Inc. Included in this balance is £113,543 (2016: £22,966) which

represents interest charged during the year.

At the year end, the director, Mr R L Hamburger had a material interest in Abercorn Group Inc. and, as such,

Abercorn Group Inc is treated as a related party.

Mr R L Hamburger and Miss J M Foster, both directors of the company, had material interest in H&M Partners

Limited, AGI SCI France and AGI SCI France No 2 and, as such, these companies are treated as related parties

of the company.

Included within other debtors is an amount of £420,714 (2016: £267,017) owed by Mr R L Hamburger which

was subsequently repaid within 9 months of the year end. Also included within other debtors is an amount of

£39,027 (2016: £20,595) owed by Miss J M Foster.

Mr R L Hamburger and Miss J M Foster are both directors of the company.

13.	CONTROLLING PARTY

The controlling party continues to be Mr R L Hamburger, a director of the company and the majority

shareholder.