REGISTERED NUMBER: |
AGTC LTD |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
REGISTERED NUMBER: |
AGTC LTD |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
AGTC LTD (REGISTERED NUMBER: 08805177) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 8 |
AGTC LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ross House |
The Square |
Stow On The Wold |
Gloucestershire |
GL54 1AF |
AGTC LTD (REGISTERED NUMBER: 08805177) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the period 1 February 2023 to 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of importing and exporting of retail goods. |
REVIEW OF BUSINESS |
AGTC Ltd, The board are delighted to confirm the results for FY23 with the business returning to profitability. As per the last board notes on FY Jan 23 accounts the board is overwhelmed with the performance of the business. The results delivered in FY Dec 23 negated all losses in FY22 & FY Jan 23 turbulent trading years post covid and deliveries on the previous statement given in FY Jan 23 accounts. |
Debt has significantly reduced within the business to almost zero and the board are delighted that they have started a new relationship with NatWest, a tier one lender in the UK. The new trade loan facility enables significant advantages for the business to invest in stock and optimising sales opportunities. The facility also eliminates any cash flow issues for the business in low season. The business expects to use in the region of 50% of the facility at its peak in FY24. |
Supply chains remain unstable and the outlook for FY24 with the Suez Canal crisis hitting in Q1 will affect Q1 realised sales. The business remains in an excellent position to capitalise on growing demand for its products. Significant investment is being made in brand awareness across all selling channels and budgeted growth is expected to perform ahead of targets. |
The new formed leadership team first full-year trading results are above expectations and significant upside remain, with a stronger supply chain and less disruption to it being the focus in FY24. |
Our independent NPS audited results also show a significant increase in servicing levels year on year to our growing customer base and we are delighted to see an increase in this score. The board and the wider team continue to focus on servicing the customer better. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
AGTC LTD (REGISTERED NUMBER: 08805177) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
AGTC LTD (REGISTERED NUMBER: 08805177) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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 |
AGTC LTD (REGISTERED NUMBER: 08805177) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
AGTC Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 period 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. |
AGTC LTD (REGISTERED NUMBER: 08805177) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 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 period was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
AMORTISATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
AGTC LTD (REGISTERED NUMBER: 08805177) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 February 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2023 |
£ | £ |
Bank loans |
AGTC LTD (REGISTERED NUMBER: 08805177) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
9. | RELATED PARTY DISCLOSURES |
Easy Imex Limited is a company incorporated in Hong Kong which is controlled by Mr A Gilbourne. During the year AGTC Limited purchased goods from Easy Imex Limited totalling £7,851,657 (2023: £5,218,153). As at the balance sheet date £1,234,244 (2023: £1,540,774) was due to Easy Imex Limited. |