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2022-02-27 2022-05-31 05340208 dpl-frs:CostSales dpl-frs:Item7 2022-02-26 05340208 dpl-frs:CostSales dpl-frs:Item7 2022-05-31 05340208 dpl-frs:DistributionCosts dpl-frs:Item7 2022-02-27 2022-05-31 05340208 dpl-frs:AdministrativeExpenses dpl-frs:Item7 2022-02-27 2022-05-31 05340208 dpl-frs:Item8 2022-02-27 2022-05-31 05340208 dpl-frs:Item8 2022-02-26 05340208 dpl-frs:Item8 2022-05-31 05340208 dpl-frs:CostSales dpl-frs:Item8 2022-02-27 2022-05-31 05340208 dpl-frs:CostSales dpl-frs:Item8 2022-02-26 05340208 dpl-frs:CostSales dpl-frs:Item8 2022-05-31 05340208 dpl-frs:DistributionCosts dpl-frs:Item8 2022-02-27 2022-05-31 05340208 dpl-frs:AdministrativeExpenses dpl-frs:Item8 2022-02-27 2022-05-31 05340208 dpl-frs:Item9 2022-02-27 2022-05-31 05340208 dpl-frs:Item9 2022-02-26 05340208 dpl-frs:Item9 2022-05-31 05340208 dpl-frs:CostSales dpl-frs:Item9 2022-02-27 2022-05-31 05340208 dpl-frs:CostSales dpl-frs:Item9 2022-02-26 05340208 dpl-frs:CostSales dpl-frs:Item9 2022-05-31 05340208 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2022-05-31 05340208 dpl-frs:Item12 2022-02-27 2022-05-31 05340208 dpl-frs:Item12 2022-02-26 05340208 dpl-frs:Item12 2022-05-31 05340208 dpl-frs:CostSales dpl-frs:Item12 2022-02-27 2022-05-31 05340208 dpl-frs:CostSales dpl-frs:Item12 2022-02-26 05340208 dpl-frs:CostSales dpl-frs:Item12 2022-05-31 05340208 dpl-frs:DistributionCosts dpl-frs:Item12 2022-02-27 2022-05-31 05340208 dpl-frs:AdministrativeExpenses dpl-frs:Item12 2022-02-27 2022-05-31 05340208 1 2022-02-27 2022-05-31 05340208 frs-countries:EnglandWales 2022-02-27 2022-05-31
Registered number: 05340208
A & S Agnew Co Limited
Unaudited Financial Statements
For The Year Ended 31 May 2023
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of A & S Agnew Co 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 A & S Agnew Co Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the director of A & S Agnew Co Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of A & S Agnew Co Limited and state those matters that we have agreed to state to the director of A & S Agnew Co Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & S Agnew Co Limited and its director as a body for our work or for this report.
It is your duty to ensure that A & S Agnew Co 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 or loss of A & S Agnew Co Limited . You consider that A & S Agnew Co 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 A & S Agnew Co 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 financial statements.
Signed
Steve Pye & Co
21 November 2023
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Page 1
Page 2
Balance Sheet
Registered number: 05340208
31 May 2023 31 May 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 62,500 359,500
62,500 359,500
CURRENT ASSETS
Debtors 5 85,725 33,236
Cash at bank and in hand 13,649 13,649
99,374 46,885
Creditors: Amounts Falling Due Within One Year 6 (13,667 ) (12,286 )
NET CURRENT ASSETS (LIABILITIES) 85,707 34,599
TOTAL ASSETS LESS CURRENT LIABILITIES 148,207 394,099
Creditors: Amounts Falling Due After More Than One Year 7 (30,000 ) (248,028 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (11,136 )
NET ASSETS 118,207 134,935
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 (11,194 ) 47,475
Profit and Loss Account 129,301 87,360
SHAREHOLDERS' FUNDS 118,207 134,935
Page 2
Page 3
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Bolton Agnew
Director
21 November 2023
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
A & S Agnew Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05340208 . The registered office is Unit 3, North Lynn Business Village Bergen Way, North Lynn Industrial Estate, King's Lynn, PE30 2JG. 
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 4
Page 5
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Investment Property
31 May 2023
£
Fair Value
As at 1 June 2022 359,500
Disposals (297,000 )
As at 31 May 2023 62,500
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
31 May 2023 31 May 2022
£ £
Cost 76,320 300,889
5. Debtors
31 May 2023 31 May 2022
£ £
Due within one year
Other debtors 85,725 33,236
85,725 33,236
6. Creditors: Amounts Falling Due Within One Year
31 May 2023 31 May 2022
£ £
Other creditors 3,600 9,509
Taxation and social security 10,067 2,777
13,667 12,286
7. Creditors: Amounts Falling Due After More Than One Year
31 May 2023 31 May 2022
£ £
Bank loans - 218,028
Other loans 30,000 30,000
30,000 248,028
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8. Secured Creditors
On 16 November 2005, a fixed and floating debenture charge was created securing any monies owed or becoming owed by the company to Barclays Bank Plc over all company undertakings, present and future property and assets.
On 16 March 2018, a fixed charge was created securing a loan owed to Clare Margaret Agnew over the property 13 Harewood Drive, King's Lynn, Norfolk, PE30 2BS.
31 May 2023 31 May 2022
£ £
Bank loans and overdrafts - 218,028
Other Creditors 30,000 30,000
9. Share Capital
31 May 2023 31 May 2022
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 June 2022 47,475
Transfer to profit and loss (58,669 )
As at 31 May 2023 (11,194 )
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