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Company registration number: 05355622
A G & Sons (UK) Ltd
Unaudited filleted financial statements
28 February 2023
A G & Sons (UK) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
A G & Sons (UK) Ltd
Directors and other information
Directors Mr Jaimin Soni
Mr Ankitkumar Soni
Company number 05355622
Registered office Pentax House South Hill Avenue
South Harrow
Harrow
England
HA2 0DU
Business address Pentax House South Hill Avenue
South Harrow
Harrow
England
HA2 0DU
Accountants ACE Accounts & Tax Limited
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
Bankers HSBC Bank Plc
544 Kingsbury Road
Kingsbury
London
NW9 9EE
A G & Sons (UK) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of A G & Sons (UK) Ltd
Year ended 28 February 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2023 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ACE Accounts & Tax Limited
Chartered Certified Accountants
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
16 November 2023
A G & Sons (UK) Ltd
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,432 2,684
_______ _______
2,432 2,684
Current assets
Stocks 302,135 344,922
Debtors 6 60,664 121,515
Cash at bank and in hand 50,984 4,684
_______ _______
413,783 471,121
Creditors: amounts falling due
within one year 7 ( 289,642) ( 322,630)
_______ _______
Net current assets 124,141 148,491
_______ _______
Total assets less current liabilities 126,573 151,175
Creditors: amounts falling due
after more than one year 8 ( 114,500) ( 140,500)
_______ _______
Net assets 12,073 10,675
_______ _______
Capital and reserves
Called up share capital 100 1
Profit and loss account 11,973 10,674
_______ _______
Shareholders funds 12,073 10,675
_______ _______
For the year ending 28 February 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 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
Mr Jaimin Soni Mr Ankitkumar Soni
Director Director
Company registration number: 05355622
A G & Sons (UK) Ltd
Statement of changes in equity
Year ended 28 February 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2021 1 8,802 8,803
Profit for the year 41,872 41,872
_______ _______ _______
Total comprehensive income for the year - 41,872 41,872
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners - ( 40,000) ( 40,000)
_______ _______ _______
At 28 February 2022 and 1 March 2022 1 10,674 10,675
Profit for the year 49,299 49,299
_______ _______ _______
Total comprehensive income for the year - 49,299 49,299
Issue of shares 99 99
Dividends paid and payable ( 48,000) ( 48,000)
_______ _______ _______
Total investments by and distributions to owners 99 ( 48,000) ( 47,901)
_______ _______ _______
At 28 February 2023 100 11,973 12,073
_______ _______ _______
A G & Sons (UK) Ltd
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A G & Sons (UK) Ltd, Pentax House South Hill Avenue, South Harrow, Harrow, England, HA2 0DU.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures, fittings and equipment - 25 % straight line
Motor vehicle - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2022 15,354 10,255 25,609
Additions 958 - 958
_______ _______ _______
At 28 February 2023 16,312 10,255 26,567
_______ _______ _______
Depreciation
At 1 March 2022 12,670 10,255 22,925
Charge for the year 1,210 - 1,210
_______ _______ _______
At 28 February 2023 13,880 10,255 24,135
_______ _______ _______
Carrying amount
At 28 February 2023 2,432 - 2,432
_______ _______ _______
At 28 February 2022 2,684 - 2,684
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 38,838 102,950
Other debtors 21,826 18,565
_______ _______
60,664 121,515
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 154,144 172,657
Corporation tax 11,508 361
Social security and other taxes 23,047 8,323
Other creditors 100,943 141,289
_______ _______
289,642 322,630
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 114,500 140,500
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Jaimin Soni ( 115,639) 103,699 ( 4,277) ( 16,217)
Mr Ankitkumar Soni ( 54,000) 32,565 ( 89,847) ( 111,282)
_______ _______ _______ _______
( 169,639) 136,264 ( 94,124) ( 127,499)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Jaimin Soni ( 156,863) 103,235 ( 62,011) ( 115,639)
Mr Ankitkumar Soni ( 34,000) - ( 20,000) ( 54,000)
_______ _______ _______ _______
( 190,863) 103,235 ( 82,011) ( 169,639)
_______ _______ _______ _______