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Registration number: 11648687

AGS Support Facilities Ltd

Report of the Directors and Unaudited Financial Statements

for the Period from 1 February 2022 to 30 June 2023

 

AGS Support Facilities Ltd

Contents of The Financial Statements
for the Period from 1 February 2022 to 30 June 2023

 

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

AGS Support Facilities Ltd

Company Information
for the Period from 1 February 2022 to 30 June 2023

Director

R H Odendaal

Registered office

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

Accountants

Insight Strategic Associates Limited
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AGS Support Facilities Ltd
for the Period Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AGS Support Facilities Ltd for the period ended 30 June 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm 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/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of AGS Support Facilities Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AGS Support Facilities Ltd and state those matters that we have agreed to state to the Board of Directors of AGS Support Facilities Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AGS Support Facilities Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that AGS Support Facilities Ltd 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 AGS Support Facilities Ltd. You consider that AGS Support Facilities Ltd is exempt from the statutory audit requirement for the period.
 

We have not been instructed to carry out an audit or a review of the accounts of AGS Support Facilities Ltd. 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.

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

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

2 February 2024

 

AGS Support Facilities Ltd

(Registration number: 11648687 )
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,167

14,000

Tangible assets

5

119,022

131,492

 

130,189

145,492

Current assets

 

Debtors

6

1,227,462

994,614

Cash at bank and in hand

 

126,953

156,928

 

1,354,415

1,151,542

Creditors: Amounts falling due within one year

7

(1,151,277)

(1,109,603)

Net current assets

 

203,138

41,939

Total assets less current liabilities

 

333,327

187,431

Creditors: Amounts falling due after more than one year

7

(39,925)

(67,027)

Provisions for liabilities

(15,859)

(20,038)

Net assets

 

277,543

100,366

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

277,443

100,266

Shareholders' funds

 

277,543

100,366

For the financial period ending 30 June 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 period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

AGS Support Facilities Ltd

(Registration number: 11648687 )
Balance Sheet as at 30 June 2023

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 February 2024
 

.........................................
R H Odendaal
Director

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 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:
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE
England

These financial statements were authorised for issue by the director on 2 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 2023

2

Accounting policies (continued)

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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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

Office equipment

33% Straight Line

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 2023

2

Accounting policies (continued)

Motor vehicles

20% Reducing Balance

Goodwill

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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10 Years

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 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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 2023

2

Accounting policies (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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 2023

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 85 (2022 - 71).

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

20,000

20,000

At 30 June 2023

20,000

20,000

Amortisation

At 1 February 2022

6,000

6,000

Amortisation charge

2,833

2,833

At 30 June 2023

8,833

8,833

Carrying amount

At 30 June 2023

11,167

11,167

At 31 January 2022

14,000

14,000

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

8,164

158,723

166,887

Additions

5,070

100,575

105,645

Disposals

-

(83,388)

(83,388)

At 30 June 2023

13,234

175,910

189,144

Depreciation

At 1 February 2022

3,650

31,745

35,395

Charge for the period

5,833

48,196

54,029

Eliminated on disposal

-

(19,302)

(19,302)

At 30 June 2023

9,483

60,639

70,122

Carrying amount

At 30 June 2023

3,751

115,271

119,022

At 31 January 2022

4,514

126,978

131,492

6

Debtors

Current

2023
£

2022
£

Trade debtors

370,670

467,984

Other debtors

856,792

526,630

 

1,227,462

994,614

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

346,408

399,834

Trade creditors

 

3,724

19,827

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

220,592

-

Taxation and social security

 

428,283

446,058

Accruals and deferred income

 

64,570

16,695

Other creditors

 

87,700

227,189

 

1,151,277

1,109,603

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

39,925

67,027

2023
£

2022
£

Due after more than five years

After more than five years by instalments

32,307

29,408

-

-

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

39,925

67,027

 

AGS Support Facilities Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 30 June 2023

8

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

12,943

20,133

Other borrowings

333,465

379,701

346,408

399,834

Included in the loans and borrowings are the following amounts due after more than five years:

Other loans after five years

Hire purchase contracts £32,307 (2023) £29,408 (2022)

9

Related party transactions

Summary of transactions with key management

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

R H Odendaal

123,156

388,226

(240,000)

271,383

         
       

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

R H Odendaal

338,800

359,047

(574,691)

123,156