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REGISTERED NUMBER: 08805177 (England and Wales)















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: A Gilbourne
T Cutler
M Talbot





REGISTERED OFFICE: 7, Horseshoe Park
Pangbourne
Berkshire
RG8 7JW





REGISTERED NUMBER: 08805177 (England and Wales)





ACCOUNTANTS: William Hinton Limited
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.

A Gilbourne
T Cutler
M Talbot

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:





T Cutler - Director


9 April 2024

AGTC LTD (REGISTERED NUMBER: 08805177)

BALANCE SHEET
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 104,989 -
Tangible assets 5 325,220 431,078
430,209 431,078

CURRENT ASSETS
Stocks 2,895,435 2,269,288
Debtors 6 527,451 1,613,832
Cash at bank and in hand 1,017,558 207,294
4,440,444 4,090,414
CREDITORS
Amounts falling due within one year 7 3,879,071 4,910,541
NET CURRENT ASSETS/(LIABILITIES) 561,373 (820,127 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

991,582

(389,049

)

CREDITORS
Amounts falling due after more than one
year

8

-

16,252
NET ASSETS/(LIABILITIES) 991,582 (405,301 )

CAPITAL AND RESERVES
Called up share capital 400 400
Retained earnings 991,182 (405,701 )
SHAREHOLDERS' FUNDS 991,582 (405,301 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 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.

AGTC LTD (REGISTERED NUMBER: 08805177)

BALANCE SHEET - continued
31 DECEMBER 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 9 April 2024 and were signed on its behalf by:




A Gilbourne - Director



T Cutler - Director


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 private company, limited by shares , registered in England and Wales. 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.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% per annum on cost, 15% on cost, 11.25% on cost and in accordance with the property

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 47 (2023 - 46 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 162,269
Disposals (46,431 )
At 31 December 2023 115,838
AMORTISATION
Charge for period 10,849
At 31 December 2023 10,849
NET BOOK VALUE
At 31 December 2023 104,989

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 702,920
Additions 148,480
Disposals (191,187 )
At 31 December 2023 660,213
DEPRECIATION
At 1 February 2023 271,842
Charge for period 198,434
Eliminated on disposal (135,283 )
At 31 December 2023 334,993
NET BOOK VALUE
At 31 December 2023 325,220
At 31 January 2023 431,078

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 68,364 580,416
Other debtors 459,087 1,033,416
527,451 1,613,832

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Bank loans and overdrafts 32,419 188,531
Trade creditors 1,231,791 2,515,135
Taxation and social security 863,039 379,228
Other creditors 1,751,822 1,827,647
3,879,071 4,910,541

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2023
£    £   
Bank loans - 16,252

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.