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Registration number: 05369871

Prepared for the registrar

Agora House Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Agora House Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Agora House Limited

Company Information

Director

Ms P Reynolds

Registered office

186 Upper Street
London
N1 1RQ

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Agora House Limited

(Registration number: 05369871)
Balance Sheet as at 30 April 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

20,966

27,553

Tangible assets

6

27,276

30,350

Investments

5

2

1

 

48,244

57,904

Current assets

 

Stocks

7

446,748

392,168

Debtors

8

51,677

47,071

Cash at bank and in hand

 

307,315

417,781

 

805,740

857,020

Creditors: Amounts falling due within one year

9

(184,269)

(190,579)

Net current assets

 

621,471

666,441

Net assets

 

669,715

724,345

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

668,715

723,345

Total equity

 

669,715

724,345

For the financial year ending 30 April 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 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 director acknowledges her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 December 2023
 


Ms P Reynolds
Director

 

Agora House Limited

Notes to the Financial Statements for the Year Ended 30 April 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:
186 Upper Street
London
N1 1RQ

 

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 were prepared in accordance with the Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland' effective January 2016 and has taken
advantage of the small company exemptions available in section 1A of FRS 102 to produce reduced disclosure
accounts.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

Judgement has been made as regards to the recoverability of stock and trade debtors.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Agora House Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold improvements

10% straight line

Furniture, fittings and equipment

20% - 33% straight line

Computer equipment

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Agora House Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Agora House Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 12).

 

4

Intangible assets

Website development costs
 £

Cost

At 1 May 2022

32,934

At 30 April 2023

32,934

Amortisation

At 1 May 2022

5,381

Amortisation charge

6,587

At 30 April 2023

11,968

Carrying amount

At 30 April 2023

20,966

At 30 April 2022

27,553

 

Agora House Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

 

5

Investments

2023
£

2022
£

Investments in subsidiaries

2

1

Subsidiaries

£

Cost

At 1 May 2022

1

Additions

1

At 30 April 2023

2

Provision

Carrying amount

At 30 April 2023

2

At 30 April 2022

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Trollbeads UK Limited

186 Upper Street
London
N1 1RQ

United Kingdom

Ordinary £1 share

100%

100%

Flora Danica UK Ltd

186 Upper Street
London
N1 1RQ

United Kingdom

Ordinary £1 share

100%

0%

Subsidiary undertakings

Trollbeads UK Limited

The principal activity of Trollbeads UK Limited is that of a dormant company.

Flora Danica UK Ltd

The principal activity of Flora Danica UK Ltd is that of a dormant company.

 

Agora House Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

 

6

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Computer equipment
 £

Total
£

Cost

At 1 May 2022

32,092

325,682

41,942

399,716

Additions

-

-

6,600

6,600

Disposals

-

(325,682)

(2,298)

(327,980)

At 30 April 2023

32,092

-

46,244

78,336

Depreciation

At 1 May 2022

10,902

325,450

33,014

369,366

Charge for the year

3,209

232

5,811

9,252

Eliminated on disposal

-

(325,682)

(1,876)

(327,558)

At 30 April 2023

14,111

-

36,949

51,060

Carrying amount

At 30 April 2023

17,981

-

9,295

27,276

At 30 April 2022

21,190

232

8,928

30,350

 

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

446,748

392,168

 

8

Debtors

2023
 £

2022
 £

Trade debtors

24,476

17,794

Prepayments

27,201

29,277

51,677

47,071

 

9

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

155,366

156,178

Amounts due to related parties

2,001

-

Social security and other taxes

23,799

29,993

Outstanding defined contribution pension costs

945

1,001

Accrued expenses

2,158

3,407

184,269

190,579

 

Agora House Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £41,352 (2022 - £83,333).

 

11

Related party transactions


Transactions with directors

At 30 April 2023, £2,000 (2022: £nil) was owed to the director, in the form of a director's loan account. The loan is unsecured, interest free and repayable on demand.

Transactions with subsidiaries

At 30 April 2023, £1 (2022: £nil) was owed to Flora Danica UK Ltd in the form of an intercompany loan. The loan is unsecured, interest free and repayable on demand.