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REGISTERED NUMBER: 08805177 (England and Wales)















AGTC LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023






AGTC LTD (REGISTERED NUMBER: 08805177)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Strategic Report 0

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


AGTC LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: A Gilbourne
T Cutler
M Talbot





REGISTERED OFFICE: 7, Horseshoe Park
Pangbourne
Berkshire
RG8 7JW





REGISTERED NUMBER: 08805177 (England and Wales)





ACCOUNTANTS: William Hinton Limited
Chartered Accountants
Ross House
The Square
Stow On The Wold
Gloucestershire
GL54 1AF

AGTC LTD (REGISTERED NUMBER: 08805177)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2023


The directors present their report with the financial statements of the company for the year ended 31 January 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of importing and exporting of retail goods.

REVIEW OF BUSINESS
AGTC Ltd has reported losses during the last two financial years which has been due in the main part to the major increase in freight costs during 2021 & 2022 and the weakness in the pound and the impact on stock write-off due to freight costs. The business has gone through significant change with a complete restructure of its leadership team and significant investment in new technology to enable the business to grow, infrastructures have been put in place to enable the business to grow with minimal barriers in the coming years.

This significant additional cost resulted in drastically reduced margin on sales and increase in stock valuations at the end of January 2022. As this stock continued to be sold during financial year 2023, the margins were also significantly lower on sales during the first and second quarter with trending increases in margin from quarter three onwards to our quarter two results in 2023/24. The stock was revalued to be competitive in the marketplace and the stock has been valued at the end of January 2023 as per current market freight costs which resulted in further stock write down.

Trading in the first quarter of 2023/24 has been greatly improved and the business is forecasted to return to profitability, recovering all of its losses from the previous two years turbulent trading due to covid. Overheads are being managed tightly with significant upside in trading numbers expected year on year.

To combat historical trading risks the business has bought forward currency ($) and have also locked into a 12-month shipping contract to mitigate any trading risks in 2023/24. This will be the ongoing strategy for the business in future trading years.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

A Gilbourne
T Cutler
M Talbot

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





T Cutler - Director


23 October 2023

AGTC LTD (REGISTERED NUMBER: 08805177)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 431,078 522,374

CURRENT ASSETS
Stocks 2,269,288 3,353,786
Debtors 5 1,613,832 659,055
Cash at bank and in hand 207,294 191,937
4,090,414 4,204,778
CREDITORS
Amounts falling due within one year 6 4,910,541 3,736,157
NET CURRENT (LIABILITIES)/ASSETS (820,127 ) 468,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

(389,049

)

990,995

CREDITORS
Amounts falling due after more than one
year

7

16,252

-
NET (LIABILITIES)/ASSETS (405,301 ) 990,995

CAPITAL AND RESERVES
Called up share capital 400 400
Retained earnings (405,701 ) 990,595
SHAREHOLDERS' FUNDS (405,301 ) 990,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

AGTC LTD (REGISTERED NUMBER: 08805177)

BALANCE SHEET - continued
31 JANUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 23 October 2023 and were signed on its behalf by:




A Gilbourne - Director



T Cutler - Director


AGTC LTD (REGISTERED NUMBER: 08805177)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% per annum on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

AGTC LTD (REGISTERED NUMBER: 08805177)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 48 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 614,689
Additions 88,231
At 31 January 2023 702,920
DEPRECIATION
At 1 February 2022 92,315
Charge for year 179,527
At 31 January 2023 271,842
NET BOOK VALUE
At 31 January 2023 431,078
At 31 January 2022 522,374

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 580,416 561,023
Other debtors 1,033,416 98,032
1,613,832 659,055

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 188,531 993,181
Trade creditors 2,515,135 1,818,049
Taxation and social security 379,228 732,079
Other creditors 1,827,647 192,848
4,910,541 3,736,157

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,252 -

AGTC LTD (REGISTERED NUMBER: 08805177)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


8. RELATED PARTY DISCLOSURES

Easy Imex Limited is a company incorporated in Hong Kong which is controlled by Mr A Gilbourne. During the year AGTC Limited purchased goods from Easy Imex Limited totalling £5,218,153 (2022: £6,723,404). As at the balance sheet date £1,540,774 (2022: £654,422) was due to Easy Imex Limited.