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COMPANY REGISTRATION NUMBER: 07084893
AGD Technical Limited
Filleted Unaudited Financial Statements
31 December 2021
AGD Technical Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
6
267
Current assets
Debtors
7
2,821
Cash at bank and in hand
19,861
10,478
--------
--------
19,861
13,299
Creditors: amounts falling due within one year
8
16,360
12,191
--------
--------
Net current assets
3,501
1,108
-------
-------
Total assets less current liabilities
3,768
1,108
Provisions
Taxation including deferred tax
51
-------
-------
Net assets
3,717
1,108
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,617
1,008
-------
-------
Shareholders funds
3,717
1,108
-------
-------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 .
AGD Technical Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 12 September 2022 , and are signed on behalf of the board by:
Mr A Dawson
Director
Company registration number: 07084893
AGD Technical Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Heath Terrace, Arclid, Sandbach, Cheshire, CW11 2SU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Equipment
-
20% 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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tax on profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
11,703
11,014
Deferred tax:
Origination and reversal of timing differences
51
--------
--------
Tax on profit
11,754
11,014
--------
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2021
2,020
2,020
Additions
334
334
Disposals
( 2,020)
( 2,020)
-------
-------
At 31 December 2021
334
334
-------
-------
Depreciation
At 1 January 2021
2,020
2,020
Charge for the year
67
67
Disposals
( 2,020)
( 2,020)
-------
-------
At 31 December 2021
67
67
-------
-------
Carrying amount
At 31 December 2021
267
267
-------
-------
At 31 December 2020
-------
-------
7. Debtors
2021
2020
£
£
Other debtors
2,821
----
-------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
11,703
11,015
Social security and other taxes
3,348
Other creditors
1,309
1,176
--------
--------
16,360
12,191
--------
--------
9.