Registered number
09130819
A G Compressed Air Limited
Unaudited Filleted Accounts
31 March 2023
A G Compressed Air Limited
Registered number: 09130819
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 2,500
Tangible assets 4 151,039 121,900
151,039 124,400
Current assets
Stocks 82,259 45,735
Debtors 5 296,200 256,436
Cash at bank and in hand 181,217 120,642
559,676 422,813
Creditors: amounts falling due within one year 6 (473,394) (305,668)
Net current assets 86,282 117,145
Total assets less current liabilities 237,321 241,545
Creditors: amounts falling due after more than one year 7 (96,299) (83,657)
Provisions for liabilities (32,210) (12,008)
Net assets 108,812 145,880
Capital and reserves
Called up share capital 2 2
Profit and loss account 108,810 145,878
Shareholders' funds 108,812 145,880
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Graham Walker-Toward Andrew Wood
Director Director
Approved by the board on 23 November 2023
A G Compressed Air Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on written down value
Fixtures, fittings, tools and equipment 20% on written down value
Motor vehicles 25% on written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 30,000
At 31 March 2023 30,000
Amortisation
At 1 April 2022 27,500
Provided during the year 2,500
At 31 March 2023 30,000
Net book value
At 31 March 2023 -
At 31 March 2022 2,500
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 45,592 163,558 209,150
Additions - 66,744 66,744
Disposals - (29,315) (29,315)
At 31 March 2023 45,592 200,987 246,579
Depreciation
At 1 April 2022 27,744 59,506 87,250
Charge for the year 3,569 29,527 33,096
On disposals - (24,806) (24,806)
At 31 March 2023 31,313 64,227 95,540
Net book value
At 31 March 2023 14,279 136,760 151,039
At 31 March 2022 17,848 104,052 121,900
5 Debtors 2023 2022
£ £
Trade debtors 276,952 245,178
Other debtors 19,248 11,258
296,200 256,436
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 38,645 20,134
Trade creditors 360,614 216,004
Taxation and social security costs 57,241 55,574
Other creditors 6,894 3,956
473,394 305,668
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,073 31,750
Obligations under finance lease and hire purchase contracts 74,226 51,907
96,299 83,657
8 Loans 2023 2022
£ £
Creditors include:
Secured creditors 72,041 34,581
Hire purchase loans are secured against the assets to which they relate.
9 Loans to directors
Description and conditions B/fwd Advanced Repaid C/fwd
£ £ £ £
Andrew Wood
Directors loan 3,341 9,091 (3,341) 9,091
Graham Walker-Toward
Directors loan 3,341 9,135 (3,341) 9,135
6,682 18,226 (6,682) 18,226
The loans were repaid after the year end.
10 Controlling party
In the opinion of the directors there is no ultimate controlling party.
11 Other information
A G Compressed Air Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1-3 Harelaw Industrial Estate
North Road
Stanley
Co Durham
DH9 8HJ
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