A.G.C. LTD Company Accounts

A.G.C. LTD Company Accounts

A.G.C. LTD - Company Information

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COMPANY REGISTRATION NUMBER: 04807989
A.G.C. LTD
Filleted Unaudited Financial Statements
For the year ended
31 March 2018
A.G.C. LTD
Financial Statements
Year ended 31 March 2018
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
9
A.G.C. LTD
Officers and Professional Advisers
Director
Mr R Norton
Company secretary
Mr A West
Registered office
550 Valley Road
Basford
Nottingham
NG5 1JJ
Accountants
Swandec
Chartered Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
National Westminster Bank Plc
Customer Service Centre
Bede House
11 Western Boulevard
Leicester
LE2 7EJ
A.G.C. LTD
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
4
901,413
901,576
Current assets
Debtors
5
37,047
34,971
Cash at bank and in hand
6,249
10,290
--------
--------
43,296
45,261
Creditors: amounts falling due within one year
6
181,588
139,634
---------
---------
Net current liabilities
138,292
94,373
---------
---------
Total assets less current liabilities
763,121
807,203
Creditors: amounts falling due after more than one year
7
280,863
314,702
Provisions
Taxation including deferred tax
( 4,796)
( 2,999)
---------
---------
Net assets
487,054
495,500
---------
---------
Capital and reserves
Called up share capital
8
5
5
Revaluation reserve
627,135
627,135
Profit and loss account
( 140,086)
( 131,640)
---------
---------
Members funds
487,054
495,500
---------
---------
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 income statement has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A.G.C. LTD
Statement of Financial Position (continued)
31 March 2018
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 R Norton
Director
Company registration number: 04807989
A.G.C. LTD
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 550 Valley Road, Basford, Nottingham, NG5 1JJ.
2. 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts received during the year, as adjusted for monies received in advance for future periods.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and machinery
-
25% reducing balance
Caravans
-
10% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
4. Tangible assets
Land and buildings
Plant and machinery
Caravans
Total
£
£
£
£
Cost
At 1 April 2017
900,000
17,453
7,500
924,953
Additions
–
1,317
–
1,317
Disposals
–
( 1,075)
–
( 1,075)
---------
--------
-------
---------
At 31 March 2018
900,000
17,695
7,500
925,195
---------
--------
-------
---------
Depreciation
At 1 April 2017
–
16,439
6,938
23,377
Charge for the year
–
471
562
1,033
Disposals
–
( 628)
–
( 628)
---------
--------
-------
---------
At 31 March 2018
–
16,282
7,500
23,782
---------
--------
-------
---------
Carrying amount
At 31 March 2018
900,000
1,413
–
901,413
---------
--------
-------
---------
At 31 March 2017
900,000
1,014
562
901,576
---------
--------
-------
---------
The caravan park was revalued from it's original cost of £334,256. The revalued amount of £900,000 reflects the current market value of the asset. The market value has been determined by the director.
5. Debtors
2018
2017
£
£
Other debtors
37,047
34,971
--------
--------
6. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
34,969
32,866
Social security and other taxes
6,769
10,722
Other creditors
139,850
96,046
---------
---------
181,588
139,634
---------
---------
Included in bank loans and overdrafts is a secured loan of £20,869 (2017: £20,869) of which repayments fall due within one year.
Also included in bank loans and overdrafts are loans totalling £14,100 (2017: £12,000) which are personally guaranteed by the director.
7. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
280,863
314,702
---------
---------
Included in bank loans and overdrafts is a secured loan of £242,471 (2017: £261,383), of which £158,992 of the repayments fall due after more than 5 years (2017: £177,902).
Also included in bank loans and overdrafts are loans totalling £38,392 (2017: £53,319) which are personally guaranteed by the director. These amounts are repayable within 2 to 5 years.
8. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
5
5
5
5
----
----
----
----
9. Director's advances, credits and guarantees
The amount owing to the director at the statement of financial position date was £3,419 (2017: £35,869). The directors loan is interest free, unsecured and repayable on demand.
A.G.C. LTD
Management Information
Year ended 31 March 2018
The following pages do not form part of the financial statements.
A.G.C. LTD
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of A.G.C. LTD
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 A.G.C. LTD for the year ended 31 March 2018, which comprise the statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of A.G.C. LTD in accordance with the terms of our engagement letter dated 21 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of A.G.C. LTD and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.G.C. LTD and its director for our work or for this report.
It is your duty to ensure that A.G.C. 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 loss of A.G.C. LTD. You consider that A.G.C. 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.G.C. 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.
Swandec Chartered Accountants
550 Valley Road Basford Nottingham NG5 1JJ
21 December 2018