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Registration number: 11133309

AGM Construction and Groundworks Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

AGM Construction and Groundworks Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

AGM Construction and Groundworks Ltd

Company Information

Directors

Claire Green

Adrian Green

Registered office

34 Coopers Piece
Wallingford
Oxfordshire
OX10 8LD

 

Accountants

SKP Tax & Accounting Services Ltd
t/a AIMS Accountants for Business
17 Mileway Gardens
Headington
Oxford
OX3 7XH

 

AGM Construction and Groundworks Ltd

(Registration number: 11133309)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

102,465

96,364

Current assets

 

Debtors

5

1,696

3,381

Cash at bank and in hand

 

21,425

14,515

 

23,121

17,896

Creditors: Amounts falling due within one year

6

(76,055)

(73,623)

Net current liabilities

 

(52,934)

(55,727)

Total assets less current liabilities

 

49,531

40,637

Creditors: Amounts falling due after more than one year

6

(44,541)

(35,000)

Provisions for liabilities

(3,920)

-

Net assets

 

1,070

5,637

Capital and reserves

 

Called up share capital

7

150

150

Revaluation reserve

45,930

45,930

Retained earnings

(45,010)

(40,443)

Shareholders' funds

 

1,070

5,637

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

AGM Construction and Groundworks Ltd

(Registration number: 11133309)
Balance Sheet as at 31 January 2023

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

.........................................
Claire Green
Director

.........................................
Adrian Green
Director

 

AGM Construction and Groundworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Coopers Piece
Wallingford
Oxfordshire
OX10 8LD
United Kingdom

These financial statements were authorised for issue by the Board on 2 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

AGM Construction and Groundworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Plant and Machinery

15% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

AGM Construction and Groundworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

AGM Construction and Groundworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

125,677

8,870

134,547

Additions

24,397

-

24,397

At 31 January 2023

150,074

8,870

158,944

Depreciation

At 1 February 2022

31,123

7,060

38,183

Charge for the year

17,843

453

18,296

At 31 January 2023

48,966

7,513

56,479

Carrying amount

At 31 January 2023

101,108

1,357

102,465

At 31 January 2022

94,554

1,810

96,364

5

Debtors

Current

2023
£

2022
£

Trade debtors

837

2,523

Other debtors

859

858

 

1,696

3,381

6

Creditors

Creditors: amounts falling due within one year

 

AGM Construction and Groundworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

18,044

11,573

Trade creditors

 

6,827

16,698

Taxation and social security

 

13,678

8,823

Accruals and deferred income

 

1,856

2,172

Other creditors

 

35,650

34,357

 

76,055

73,623

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

44,541

35,000

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

150

150

150

150

         

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

45,930

45,930

 

AGM Construction and Groundworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

25,000

35,000

Hire purchase contracts

19,541

-

44,541

35,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

8,044

1,573

18,044

11,573

10

Related party transactions

Transactions with directors

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Claire Green

Included in creditors is a directors' loan

17,048

634

17,682

       
     

Adrian Green

Included in creditors is a directors' loan

17,048

634

17,682

       
     

 

2022

At 1 February 2021
£

Repayments by director
£

At 31 January 2022
£

Claire Green

Included in creditors is a directors' loan

16,726

323

17,048

       
     

Adrian Green

Included in creditors is a directors' loan

16,726

323

17,048

       
     

 

 

AGM Construction and Groundworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

34,246

31,597

Contributions paid to money purchase schemes

647

574

34,893

32,171