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Registration number: 04345091

Agnew Contracts Limited

Unaudited Financial Statements

31 May 2023

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Agnew Contracts Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Agnew Contracts Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Agnew Contracts Limited for the year ended 31 May 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Agnew Contracts Limited, as a body, in accordance with the terms of our engagement letter dated 13 July 2020. Our work has been undertaken solely to prepare for your approval the accounts of Agnew Contracts Limited and state those matters that we have agreed to state to the Board of Directors of Agnew Contracts Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Agnew Contracts Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Agnew Contracts Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Agnew Contracts Limited. You consider that Agnew Contracts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Agnew Contracts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

20 November 2023

 

Agnew Contracts Limited

(Registration number: 04345091)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,541

1,590

Investment property

5

325,000

325,000

 

326,541

326,590

Current assets

 

Cash at bank and in hand

 

1,787

1,026

Creditors: Amounts falling due within one year

6

(6,658)

(5,634)

Net current liabilities

 

(4,871)

(4,608)

Total assets less current liabilities

 

321,670

321,982

Creditors: Amounts falling due after more than one year

6

(325,508)

(326,322)

Provisions for liabilities

(289)

(209)

Net liabilities

 

(4,127)

(4,549)

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

(4,227)

(4,649)

Total equity

 

(4,127)

(4,549)

 

Agnew Contracts Limited

(Registration number: 04345091)
Balance Sheet as at 31 May 2023 (continued)

For the financial year ending 31 May 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

.........................................

D W Agnew

Company secretary and director

 

Agnew Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Blackbeck Farm
Blackbeck
EGREMONT
CA22 2NY

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net liabilities at 31 May 2023 and meets its day to day working capital requirements through its directors who have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its directors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Agnew Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

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.

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

Plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and office equipment

3 years straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

 

Agnew Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

Borrowings

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 June 2022

11,023

11,800

1,349

24,172

Additions

239

-

100

339

At 31 May 2023

11,262

11,800

1,449

24,511

Depreciation

At 1 June 2022

9,797

11,655

1,130

22,582

Charge for the year

202

36

150

388

At 31 May 2023

9,999

11,691

1,280

22,970

Carrying amount

At 31 May 2023

1,263

109

169

1,541

At 31 May 2022

1,226

145

219

1,590

 

Agnew Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Investment properties

£

At 1 June 2022

325,000

At 31 May 2023

325,000

There has been no valuation of investment property by an independent valuer.

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

46

818

Taxation and social security

 

1,400

800

Other creditors

 

5,212

4,016

 

6,658

5,634

Due after one year

 

Loans and borrowings

7

325,508

326,322

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

325,508

326,322