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REGISTERED NUMBER: SC285752 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Agmatek Engineering Ltd.

Agmatek Engineering Ltd. (Registered number: SC285752)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Agmatek Engineering Ltd.

Company Information
for the Year Ended 30 June 2023







DIRECTORS: G M Paul
A J Paton
M Ratter





SECRETARY: M Ratter





REGISTERED OFFICE: 2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ





REGISTERED NUMBER: SC285752 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

Agmatek Engineering Ltd. (Registered number: SC285752)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 343,505 203,897

CURRENT ASSETS
Stocks 195,998 161,950
Debtors 5 1,005,752 325,337
Cash at bank 472,234 1,084,166
1,673,984 1,571,453
CREDITORS
Amounts falling due within one year 6 208,838 170,319
NET CURRENT ASSETS 1,465,146 1,401,134
TOTAL ASSETS LESS CURRENT LIABILITIES 1,808,651 1,605,031

CREDITORS
Amounts falling due after more than one year 7 (36,936 ) (53,038 )

PROVISIONS FOR LIABILITIES (48,847 ) (10,594 )
NET ASSETS 1,722,868 1,541,399

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 1,722,568 1,541,099
SHAREHOLDERS' FUNDS 1,722,868 1,541,399

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Agmatek Engineering Ltd. (Registered number: SC285752)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:




M Ratter - Director A J Paton - Director




G M Paul - Director


Agmatek Engineering Ltd. (Registered number: SC285752)

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

1. STATUTORY INFORMATION

Agmatek Engineering Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Agmatek Engineering Ltd. (Registered number: SC285752)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 146,631 54,703 135,559 6,658 343,551
Additions - 81,950 82,735 4,017 168,702
Disposals - - - (1,234 ) (1,234 )
At 30 June 2023 146,631 136,653 218,294 9,441 511,019
DEPRECIATION
At 1 July 2022 - 41,332 94,344 3,978 139,654
Charge for year - 6,103 20,975 2,016 29,094
Eliminated on disposal - - - (1,234 ) (1,234 )
At 30 June 2023 - 47,435 115,319 4,760 167,514
NET BOOK VALUE
At 30 June 2023 146,631 89,218 102,975 4,681 343,505
At 30 June 2022 146,631 13,371 41,215 2,680 203,897

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 136,322 87,553
Other debtors 869,430 237,784
1,005,752 325,337

Agmatek Engineering Ltd. (Registered number: SC285752)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 16,139 16,176
Trade creditors 10,940 29,423
Taxation and social security 177,817 86,415
Other creditors 3,942 38,305
208,838 170,319

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans 36,936 53,038

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 "The financial reporting standard in the UK and Ireland", not to disclose related party transactions whereby they have occurred under normal market conditions.