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COMPANY REGISTRATION NUMBER: 11894570
ACG Developments Limited
Filleted Unaudited Abridged Financial Statements
For the period ended
28 February 2023
ACG Developments Limited
Abridged Financial Statements
Period from 1 April 2022 to 28 February 2023
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 5
ACG Developments Limited
Abridged Statement of Financial Position
28 February 2023
28 Feb 23
31 Mar 22
Note
£
£
Fixed assets
Tangible assets
4
24,970
Current assets
Stocks
4,342
Debtors
( 4,429)
10
Cash at bank and in hand
6,004
-------
----
5,917
10
Creditors: amounts falling due within one year
35,115
--------
----
Net current (liabilities)/assets
( 29,198)
10
--------
----
Total assets less current liabilities
( 4,228)
10
-------
----
Net (liabilities)/assets
( 4,228)
10
-------
----
Capital and reserves
Called up share capital
10
10
Profit and loss account
( 4,238)
-------
----
Shareholder (deficit)/funds
( 4,228)
10
-------
----
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the period ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
ACG Developments Limited
Abridged Statement of Financial Position (continued)
28 February 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 30 November 2023 , and are signed on behalf of the board by:
Mr L Pountain
Director
Company registration number: 11894570
ACG Developments Limited
Notes to the Abridged Financial Statements
Period from 1 April 2022 to 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 1 & 2 Heritage Park, Hayes Way, Cannock, WS11 7LT, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
£
Cost
At 1 April 2022
Additions
26,414
--------
At 28 February 2023
26,414
--------
Depreciation
At 1 April 2022
Charge for the period
1,444
--------
At 28 February 2023
1,444
--------
Carrying amount
At 28 February 2023
24,970
--------
At 31 March 2022
--------
5. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
28 Feb 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr L Pountain
10
( 34,005)
( 33,995)
----
--------
--------
31 Mar 22
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr L Pountain
10
10
----
----
----