AGM Guernsey Limited 31/03/2018 iXBRL

AGM Guernsey Limited 31/03/2018 iXBRL

AGM GUERNSEY LIMITED - Company Information

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Company registration number: 05280035
AGM Guernsey Limited
Unaudited filleted financial statements
31 March 2018
AGM Guernsey Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
AGM Guernsey Limited
Directors and other information
Directors Mr Kerry Michael
Mr Pantelis Christoforou
Mr Alex Demetriou
Secretary Miss M Michael
Company number 05280035
Registered office Grand Pier
Marine Parade
Weston-Super-Mare
North Somerset
BS23 1AL
Accountants Arcadia Chartered Tax Advisers and Accountants
9 Elborough Gardens
Elborough
Weston-Super-Mare
North Somerset
BS24 8PL
AGM Guernsey Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of AGM Guernsey Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AGM Guernsey Limited for the year ended 31 March 2018 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 Chartered Institute of Taxation, we are subject to its ethical and other professional requirements which are detailed at https://www.tax.org.uk/professional-standards.
This report is made solely to the board of directors of AGM Guernsey Limited, 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 AGM Guernsey Limited and state those matters that we have agreed to state to the board of directors of AGM Guernsey Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AGM Guernsey Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that AGM Guernsey Limited 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 AGM Guernsey Limited. You consider that AGM Guernsey Limited 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 AGM Guernsey Limited. 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.
Arcadia Chartered Tax Advisers and Accountants
9 Elborough Gardens
Elborough
Weston-Super-Mare
North Somerset
BS24 8PL
21 December 2018
AGM Guernsey Limited
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Investments 4 15,000 15,000
_______ _______
15,000 15,000
Current assets
Debtors 6 2 2
_______ _______
2 2
Creditors: amounts falling due
within one year 7 ( 6,000) ( 6,000)
_______ _______
Net current liabilities ( 5,998) ( 5,998)
_______ _______
Total assets less current liabilities 9,002 9,002
_______ _______
Net assets 9,002 9,002
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 9,000 9,000
_______ _______
Shareholders funds 9,002 9,002
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 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 December 2018 , and are signed on behalf of the board by:
Mr Kerry Michael
Director
Company registration number: 05280035
AGM Guernsey Limited
Statement of changes in equity
Year ended 31 March 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2016 2 - 2
Profit for the year 9,000 9,000
_______ _______ _______
Total comprehensive income for the year - 9,000 9,000
_______ _______ _______
At 31 March 2017 and 1 April 2017 2 9,000 9,002
Profit for the year - -
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 31 March 2018 2 9,000 9,002
_______ _______ _______
AGM Guernsey 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 England and Wales. The address of the registered office is Grand Pier, Marine Parade, Weston-Super-Mare, North Somerset, BS23 1AL.
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'.
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.
Income statement policy
The company is dormant as defined by section 1169 of the Companies Act 2006. The company incurred no significant transactions during the current year or prior year.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
4. Investments
Investment property Total
£ £
Cost
At 1 April 2017 and 31 March 2018 15,000 15,000
_______ _______
Impairment
At 1 April 2017 and 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 15,000 15,000
_______ _______
At 31 March 2017 15,000 15,000
_______ _______
The investment property was purchased in 2005 for £6,000 was revalued by Mr K Michael, a director, as at 31 March 2017 to £15,000. The directors are of the opinion that the value of the land has not change materially as at 31 March 2018.
6. Debtors
2018 2017
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2 2
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Other creditors 6,000 6,000
_______ _______
8. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2018 2017
£ £
Mr Kerry Michael 3,000 3,000
Mr Pantelis Christoforou 3,000 3,000
_______ _______
6,000 6,000
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2018 2017 2018 2017
£ £ £ £
AGM Holdings plc - - 1 1
Salamis Trading Limited - - 1 1
_______ _______ _______ _______
10. Controlling party
No one party exercises control.